City leans on B&B to look at Cowdery's cash scheme

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B&B's board refused Cowdery access to its management accounts last night, saying that it still preferred its own £258 million rights issue and £179 million share placing with US private equity group Texas Pacific.

But the City is increasingly frustrated B&B is not giving equal access to Cowdery who would offer 72p a share - much more than the 55p rights issue and share placing.

Cowdery already has the backing of Standard Life, Legal & General, Prudential and Insight who together hold 13% of B&B while his Resolution has 2.9%. Today he will meet other big institutional shareholders to detail his plans.

B&B says Resolution wants to take control of the bank without paying a premium, but Cowdery said he would restrict his voting rights to 29.9%. B&B shares were little changed today, down ½p at 75p. Meanwhile, HBOS shareholders are expected to approve the bank's £4 billion rights issue at its meeting in Edinburgh today. Its shares were down 7¾p at 284¼p, against the 275p rights price.