Bid to prevent hasty deal on Northern Rock
NORTHERN Rock's biggest shareholder yesterday said other investors should back its proposals to prevent a "hasty" deal as the bank's value was "materially in excess of its current share price".
In a letter to shareholders of the stricken lender, hedge fund SRM Global said Northern Rock was "nothing like the 'lame duck' that some would have you believe".
SRM and RAB Capital, the next biggest shareholder, have called an extraordinary general meeting, to be held a week today, for investors to vote on whether assets can be sold or significant new shares issued. Northern Rock has said the proposals could hinder a swift rescue.
SRM's letter appears to deploy similar arguments to those in a shareholder circular from RAB Capital which emerged over the weekend.
Shares in Northern Rock edged up 0.25p to 84.25p.
Email to a friend
Print this page- Broken Rangers: Club signals intention to go into administration
- Rangers run into the ground as furious HRMC battles to claw back tax
- Scottish independence: David Cameron set to snub Alex Salmond’s separation talks bid
- Rangers blame HMRC for driving club to brink of administration
- Six Nations: Steadman given notice as ruthless Robinson seeks to strengthen team
- Scottish independence: No breakthrough in talks between Alex Salmond and Michael Moore
- Scottish independence: David Cameron set to snub Alex Salmond’s separation talks bid
- The Rumour Mill: Tuesday’s football news and gossip
- The Rumour Mill: Monday’s football news and gossip
- Alex Salmond claims Scottish independence would be good for English regions
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Edinburgh
Wednesday 15 February 2012
Today
Cloudy
Temperature: 6 C to 11 C
Wind Speed: 18 mph
Wind direction: West
Tomorrow
Cloudy
Temperature: 7 C to 11 C
Wind Speed: 22 mph
Wind direction: South west
