Help req'd with my Selftrade Statement please

BARGAINHUNTER!

Hi

I am new to purchasing shares, and foolishly I purchased 360 Northern Rock Shares on 19/9/07 for £2.7225 each out a Selftrade account that I had set up the same day and put £1000 in. My balance was therefore £2.50 after I had brought the shares.

I have just received my Selftrade statement for last Financial Year, and I need some help understanding it. It shows me opening the account on 19/09/07 and putting £1000 in and purchasing 360 Northern Rock Ordinary 25p shares at £2.7225 each (£997.50 spent). But there is also an entry on 26/02/2008 with 'rights issue - sell' 360 Northern Rock Ordinary 25p but with no price. The closing balance on the statement is £2.50, which I work out is the amount I have left in the account after purchasing the shares.

This may seem like a silly question - but do I still have these shares or not? I didn't sell them, so I assume that they are still there? Do you think I will ever get any money back on these or can I kiss goodbye to my £997.50?

Brian_Bullocks

BARGAINHUNTER! wrote: »

Hi

I am new to purchasing shares, and foolishly I purchased 360 Northern Rock Shares on 19/9/07 for £2.7225 each out a Selftrade account that I had set up the same day and put £1000 in. My balance was therefore £2.50 after I had brought the shares.

I have just received my Selftrade statement for last Financial Year, and I need some help understanding it. It shows me opening the account on 19/09/07 and putting £1000 in and purchasing 360 Northern Rock Ordinary 25p shares at £2.7225 each (£997.50 spent). But there is also an entry on 26/02/2008 with 'rights issue - sell' 360 Northern Rock Ordinary 25p but with no price. The closing balance on the statement is £2.50, which I work out is the amount I have left in the account after purchasing the shares.

This may seem like a silly question - but do I still have these shares or not? I didn't sell them, so I assume that they are still there? Do you think I will ever get any money back on these or can I kiss goodbye to my £997.50?

The NRK shares are suspended (Nationalised). They have no value and cannot be traded until the Government decides otherwise.

BARGAINHUNTER!

Thanks for your quick reply. This is what I thought had happened, it was just confusing me as the entry on 26/2/08 said 'rights issue - sell'. I take it this is the date that they were suspended? I brought them with a long term view anyway - so it does not really bother me that they are suspended at the moment. Hopefully when the bank is out of nationalisation they will start to go up again!

Aegis

BARGAINHUNTER! wrote: »

Thanks for your quick reply. This is what I thought had happened, it was just confusing me as the entry on 26/2/08 said 'rights issue - sell'. I take it this is the date that they were suspended? I brought them with a long term view anyway - so it does not really bother me that they are suspended at the moment. Hopefully when the bank is out of nationalisation they will start to go up again!

I'm not sure you're going to retain ownership, unfortunately. NRK was nationalised, which means that all shares have essentially been taken on by the government in exchange for a payout which has yet to be determined. There are rumours that the payout might be in the single figures of pence, though my own thought is that it will come close to the 90p mark at which the shares were suspended.

Sorry to be the bearer of bad news, but it's unlikely that your shares have a long-term view since the nationalisation.