Third Woolwich auction averages 285.8p

The third of four auctions of unwanted Woolwich shares saw institutions bidding an average of 285.8p, compared with the 313.4p and 292.4p raised by the first two sales.

Former members will receive the average price achieved in the four sales for their shares and now look certain to receive considerably less than the 373.5p the shares reached in early trading on Monday.