Frustrated Cowdery Walks Away From B& B ; Banking

Summary

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BRADFORD & BINGLEY shares crashed 19% or 15 1 / 2 p to an all- time low of 64 1 / 2 p today, after Clive Cowdery dramatically threw in the towel on his plan to inject [pounds]400 million into the company instead of its planned rights issue and share placing.

Cowdery, the man who made [pounds]150 million from restructuring the life insurance industry, accused B& B of obstructing all his attempts to put his plans forward.

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Extract

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Frustrated Cowdery Walks Away From B& B ; Banking

He said: "The entrenched position of the board of B& B has prevented the constructive engagement necessary to finalise this ...

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