Northern Rock Shareholders

noddy321

I have 7,000 shares in Northern Rock, can anyone advise what might happen with these. I know there has been talk of 5p in the £1 offered but can we refuse this and hold on to the shares until are listed back on the stock exchange or is this not going to happen?

apt

It is not going to happen. The bank has been nationalised. If NR is privatised or sold in the future the money will go to the government. Presumably legal action could be taken against the government over the way it has handled compensation, but that would be throwing good money after bad in my opinion as NR was bust without taxpayers' money.

noddy321

So that's the last I have seen of my £21,000?

Aegis

noddy321 wrote: »

I have 7,000 shares in Northern Rock, can anyone advise what might happen with these. I know there has been talk of 5p in the £1 offered but can we refuse this and hold on to the shares until are listed back on the stock exchange or is this not going to happen?

Technically you are already an ex-shareholder, as the government has taken ownership of the bank. All you're now waiting for is the compensation for your shares, which is going to be priced as if the company had failed. Effectively this means that you are very unlikely to recover your costs.

About the best thing you can say is that at least your 7000 shares didn't cost you over £70k, as they were trading at well over £10 per share for a while.

bristolleedsfan

noddy321 wrote: »

I have 7,000 shares in Northern Rock, can anyone advise what might happen with these. I know there has been talk of 5p in the £1 offered but can we refuse this and hold on to the shares until are listed back on the stock exchange or is this not going to happen?

http://www.thisisbusiness-eastmidlands.co.uk/News/National/Rock-shareholders--deal-verdict-due.aspx?ITO=1616

napoleon

noddy321 wrote: »

I have 7,000 shares in Northern Rock, can anyone advise what might happen with these. I know there has been talk of 5p in the £1 offered but can we refuse this and hold on to the shares until are listed back on the stock exchange or is this not going to happen?

Compenation, don't make me laugh. Rather that get compo you should get a big bill for helping to fook the economy up

BenL

Case lost

http://news.bbc.co.uk/1/hi/business/7887796.stm

Stavros_3

napoleon wrote: »

Compenation, don't make me laugh. Rather that get compo you should get a big bill for helping to fook the economy up

Very tactful, it wasn't the posters fault.

napoleon

Of course shareholders are to blame. They own the company; a company that lent to every tom, !!!!!! and harry and precipitated the current crisis. And now they want compo from the taxpayers of this country. It's obscene.

castle96

anyone hears about any possible 'action' re B&B shareholders ??

dunstonh

napoleon wrote: »

Of course shareholders are to blame. They own the company; a company that lent to every tom, !!!!!! and harry and precipitated the current crisis. And now they want compo from the taxpayers of this country. It's obscene.

You are correct. Indeed, the Northern rock board did say that had the stopped doing what they had been doing the shareholders would have sacked the chairman and others.

If you own single company shares, it is part of the risk you take.