LONDON (Reuters) - Barclays (BARC.L: Quote, Profile, Research) investors should abstain from a vote on the bank's plan to raise 7 billion pounds from the Middle East due to the high cost and dilutive nature of the plan, according to a report by a shareholder advisory service.
A report by investor advisers RREV seen by Reuters said Barclays investors should abstain from the vote on November 24 mainly due to a large discount that shares are being offered at, the high cost and dilutive nature of the capital raising, and the negative market reaction since it was announced.
But it said "it would not be in shareholders' best interest to reject this proposal outright."
RREV, part of U.S. company RiskMetrics Group, could not be immediately reached for comment.
Looking a bit wobbly now...