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VOTE now! Proposed take over of Virgin Money - Nationwide members should be given a vote
Comments
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Hi all. We've published a news story on this petition: Nationwide urged to give members a say over proposed Virgin Money takeover. Thanks!2
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I think in the spirit of mutuality, Nationwide members should be given a vote. I am concerned about who will benefit from the buyout and doubt that it will be the members of Nationwide2
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Having said that, my understanding remains that the objective of the petition was essentially to deliver an SGM, rather than trying to build critical mass as such, so, once the threshold of 500 qualifying members is met (plus some contingency), it doesn't really matter whether 5,000 or 50,000 sign it, i.e. there's no intrinsic value in larger numbers?Looks like the campaign is evolving. See this piece published today that coincided with crossing the 4,000 petition signatories milestone, looking beyond the SGM attempt, to the AGM and beyond.
What’s next for the campaign
- Objective is to give members a say on the deal
- SGM request deemed "not valid" and a second one can't happen until September after 4 month lockout period around the AGM, so what's next
- Recognises three different categories of supporters under the same objective: 1) “the democrats”, 2) “the undecided” and 3) those “against”
- Timeline in terms of things that could upset the deal in the short / medium / long terms goals
- Then goes on to list 7 different ways the deal could be disrupted and/or members get a say.
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Kersland said:I am concerned about who will benefit from the buyout <snip>0
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boingy said:Kersland said:I am concerned about who will benefit from the buyout <snip>
Assuming your prediction is correct and that you don't like it: how would a members' vote prevent it from happening?
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friolento said:boingy said:Kersland said:I am concerned about who will benefit from the buyout <snip>
Assuming your prediction is correct and that you don't like it: how would a members' vote prevent it from happening?0 -
26left said:friolento said:boingy said:Kersland said:I am concerned about who will benefit from the buyout <snip>
Assuming your prediction is correct and that you don't like it: how would a members' vote prevent it from happening?
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I haven't read all this thread fairly obviously. But I am a long time member who has done quite nicely thank you out of being with the Nationwide without having to spend all my time shifting my money around. There have been some comments about it ceasing to be a mutual but that they really cannot do without a vote of those that are entitled to vote on that issue. Which are long term members only. A lot of us are long term members to a large extent because we wish them to remain mutual. Just to be clear for me to vote against remaining as a mutual there would have to be more on the table than ten times what there was when the Lancastrian was sold to Northern Rock & we all know what a success that was.
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badmemory said:There have been some comments about it ceasing to be a mutual but that they really cannot do without a vote of those that are entitled to vote on that issue. Which are long term members only.
All members would be able to vote on demutalisation but only the longer ones would be eligible for shares etc.
Though Nationwide did once say if they decided to change status, they would give newer members their share as well..0 -
gt94sss2 said:badmemory said:There have been some comments about it ceasing to be a mutual but that they really cannot do without a vote of those that are entitled to vote on that issue. Which are long term members only.
All members would be able to vote on demutalisation but only the longer ones would be eligible for shares etc.
Though Nationwide did once say if they decided to change status, they would give newer members their share as well..
Yes you are correct sorry about that. However every new member does sign to say they agree to NOT getting a share if they change status. So that could prove interesting. However if they do demutalise I would take my cut & then all my money, which will obviously impact them seriously (I wish). Apart from anything else it would be unsafe to leave all the money with them that they have at present.
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