April 14: Bradford & Bingley denies reports it will raise funds through a rights issue and reassures investors the bank has a strong capital base.

22 April: B&B chief executive, Steven Crawshaw, reassures investors the bank saw “excellent growth” during the first quarter and the business was well funded into 2009.

May 14: B&B performs a U-turn on rights issue and admits plans to raise £300 million from investors. Mr Crawshaw says he is “sorry” for the bank’s sudden change in strategy. Investors are offered 16 new shares for every 25 owned at 82p.

June 2: B&B issues a profit warning and increases its rights issue to £400 million after agreeing to sell a 23 per cent stake in the bank to TPG for £179 million. Mr Crawshaw steps down and is replaced by Ron Kent, the bank’s chairman, until a new chief executive is found.

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June 23: Resolution, Clive Cowdery’s investment vehicle, makes an alternative approach to B&B to take control of the business and includes four of the bank’s largest shareholders – Standard Life, Legal & General, Prudential’s M&G and Insight Investment – pumping £400 million into the business.

June 25: B&B rejects Resolution’s approach on the grounds it was uncertain and cedes too much control to Mr Cowdery's investment company.

June 27: Resolution walks away from a deal after B&B refuses to open its books to the group.

July 3: TPG signals it will pull out from a deal with B&B after it emerges Moody’s, the credit rating agency, has downgraded the bank’s unsecured and long-term debt to Baa1 – three notches above junk status.

July 4: B&B confirms TPG has walked away but says it has secured commitments to fund £179 million in capital from the four shareholders who supported Mr Cowdery’s approach. Shares in B&B fall to below the 55p offer price.

July 14: Investors will vote on the rights issue at an Extraordinary General Meeting.

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