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15/01/2008
Northern Rock Shareholders' Proposals Defeated
An Extraordinary General Meeting with the Northern Rock board and shareholders at the Metro Radio Arena in Newcastle today has seen all but one of the proposals put forward by two shareholders defeated.
All of the proposals put forward by the bank's two biggest shareholders - SRM Global and RAB Capital - were defeated, except for one, with shareholders voting in favour of limiting the board's ability to issue shares.
Northern Rock management and analysts were opposed to the proposals, saying that it would make finding a private buyer for the bank more difficult, and had urged shareholders to vote against them.
Speculation has been mounting that the beleaguered bank could face nationalisation.
Shareholders fear that nationalisation of Northern Rock could leave their shares virtually worthless.
Share prices in Northern Rock have dropped dramatically since it was forced to go to the Bank of England for an emergency loan last September when it was able to raise enough funds to run its mortgage business.
The bank has two potential bidders for the company, Sir Richard Branson's Virgin Group and investment company Olivant.
Meanwhile, the Treasury has developed a plan to own and manage Northern Rock if a private buyer can not be found.
This plan includes lining up Ron Sandler, the former head of Lloyds of London, to run the bank if it falls into public ownership.
Chancellor Alistair Darling has said that a private sector solution is the government's preferred solution to the Northern Rock situation, but has said that all options, including nationalisation, would be considered.
Prime Minister Gordon Brown could face more criticism over the Northern Rock issue, especially because his supposed financial prudence was a defining aspect of his time as Chancellor.
(KMcA)
All of the proposals put forward by the bank's two biggest shareholders - SRM Global and RAB Capital - were defeated, except for one, with shareholders voting in favour of limiting the board's ability to issue shares.
Northern Rock management and analysts were opposed to the proposals, saying that it would make finding a private buyer for the bank more difficult, and had urged shareholders to vote against them.
Speculation has been mounting that the beleaguered bank could face nationalisation.
Shareholders fear that nationalisation of Northern Rock could leave their shares virtually worthless.
Share prices in Northern Rock have dropped dramatically since it was forced to go to the Bank of England for an emergency loan last September when it was able to raise enough funds to run its mortgage business.
The bank has two potential bidders for the company, Sir Richard Branson's Virgin Group and investment company Olivant.
Meanwhile, the Treasury has developed a plan to own and manage Northern Rock if a private buyer can not be found.
This plan includes lining up Ron Sandler, the former head of Lloyds of London, to run the bank if it falls into public ownership.
Chancellor Alistair Darling has said that a private sector solution is the government's preferred solution to the Northern Rock situation, but has said that all options, including nationalisation, would be considered.
Prime Minister Gordon Brown could face more criticism over the Northern Rock issue, especially because his supposed financial prudence was a defining aspect of his time as Chancellor.
(KMcA)
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
