We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Northern Rock | NRK | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 90.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 90.00 | 90.00 |
| Top Posts |
|---|
Posted at 05/8/2010 23:07 by the_owl Had labour treated NRK shareholders same as Lloyds/Rbs, late shareholders would be breaking even (as Lloyds/Rbs) with further growth potential, and even takeover possible (ala Bingley, Alliance & Leicester etc) .Lets hope the new government see their way to recognising this, and consider returning at least a portion of investors monies as part of any IPO prospectus. As effectively the key shareholder, they can influence this. They could float at x pence, and issue free shares at x - y% (say) to former investors. I think most people would be happy with that. At a stroke, it would make reasonable amends for the mess labour made of NRK, recognise the risk inherent in normal share investments, restrospectively realign the Rock with Lloyds, RBS, have fantastic political PR for the new government, and save a fortune on the legal suits/fees. e.g value new Rock at £10bn, issue 5bn £1 shares for normal take-up, and 10bn 50p shares. Give the 50p shares to prior shareholders proportionate to their former holding. The IPO would therefore result in former value being returned to investors as they own £1 shares for 50p. Well FWIW, that's my solution to the debacle (although I was not/am not a Rock shareholder). Vince/Chancellor are you listening? In terms of timing, its something new Govt could announce right now for delivery in the Autumn when usually markets rise. If they leave it too long e.g. till end of this year, early next), they'll loose the political advantages in my view. |
Posted at 30/3/2010 22:53 by kpwuk Northern Rock investors to get nothingHarry Wilson, 22:34, Tuesday 30 March 2010 Former shareholders of Northern Rock will be left with nothing after the mortgage lender's independent valuer confirmed the company's shares were worthless and there was no requirement to pay compensation to those who lost money when the Government seized control of the business. Since being de-listed in February 2008, Northern Rock shareholders have held on to the hope of compensation for their losses. However, in a report published on Tuesday , independent valuer Andrew Caldwell of BDO said there was no reason for any compensation to be paid and that the old stock was worthless. After looking at Northern Rock's assets, Mr Caldwell said he had confirmed his provisional view that after taking account of the business's liabilities there was no surplus money to hand back to shareholders and instead found a £5.68bn deficit. "I determine that the amount of compensation payable by the Treasury to former shareholders or to those whose rights to receive shares have been extinguished is nil," wrote Mr Caldwell. Former shareholders, some of whom lost millions of pounds following Northern Rock's collapse and Government rescue, have said the business was a going concern. However, Mr Caldwell said he found no grounds to support this view. Mr Caldwell said he could not "identify significant parts" of Northern Rock that could be run as a going concern and that could be sold at a premium to their book value. "It is unlikely the administrator would find anyone prepared to buy the entire business of Northern Rock," he wrote. In December, former shareholders had an application to pursue a claim against the Government rejected by the Supreme Court. Hedge funds SRM Global and RAB Capital have been leading a fight by former Northern Rock shareholders for compensation, arguing that they should receive 400p per share. SRM Global, which is run by former trader Jon Wood, took issue with the original terms of Mr Caldwell's engagement, which instructed him to assume that "all financial assistance provided by the Bank of England or the Treasury to Northern Rock has been withdrawn" and that the lender is "in administration". Mr Wood argued that while the Government allowed RBS (LSE: RBS.L - news) and HBOS to continue as publicly-listed companies, it adopted a different approach to Northern Rock. This month Northern Rock announced a loss of £257m for 2009, lower than the £400m forecast, and an improvement on the £1.4bn it lost in 2008. |
Posted at 08/12/2009 14:20 by maxk Northern Rock investors' anger as compensation is ruled outNick Goodway 08.12.09 Former Northern Rock shareholders today reacted with fury to news that they will get no compensation from the Government after it nationalised the bank two years ago. Andrew Caldwell, the independent valuer who is being paid £4.5 million by the Treasury, today said he calculated Northern Rock had a black hole amounting to £5.7 billion the day before it was taken over by the taxpayer. On that basis, he said: "there is no value in the shares... and no compensation is payable". "Surprise, surprise," said Roger Lawson of the UK Shareholders' Association (UKSA), which alongside hedge fund SRM is pushing the case for compensation through the courts. "That is exactly what I said would be the outcome the day Northern Rock was nationalised. The Chancellor has rigged the terms of reference." Jon Wood, founder of SRM Global which had an 11.5% stake in Northern Rock, said: "The Government has wasted £4 million of taxpayers' money to come up with the bleeding obvious under the restrictive assumptions the valuer was forced to apply." He added: "The Government stole this company from shareholders and they've done exactly the same with Lloyds and Royal Bank of Scotland. But they are going to make an absolute fortune from them when they sell their stakes on." Caldwell said he had "received several thousand responses" ahead of the publication of today's document. He said he had to base his calculations on how much money Northern Rock would have been left with if it had been required to pay back the emergency £25 billion loan from the Bank of England immediately it went under. His findings were published on the same day the Government made the formal order to split Northern Rock into a good bank and a bad bank. This means that from 1 January there will be Northern Rock plc which is a savings and mortgage bank with £19 billion of deposits and £10 billion of loans, and Northern Rock (Asset Management) which will run off a book of around £50 million of existing mortgages. The good bank is likely to be sold during the coming year. SRM and UKSA are waiting for permission to appeal their case in the Supreme Court. |
Posted at 03/11/2009 19:24 by the_owl My thoughts:Value of NRK now = Value of 'good' bank - value of 'bad' bank. The bad NRK bank may not be 'all bad' in time though (evidence 4 Nov in NRK statement trend on the bad is changing positively), and as a recovery returns (similarly bad bits of Lloyds/RBS). Therefore the shareholders must have grounds for seeking a return of NRK to its previous state with a value (possibly the value of £1.5bn?) Clearly Branson believed (and it would seem still believes) there is value. The Government, regulatory authorities should have listened to him instead of playing politics with things/companies it cannot hope to understand. I note B&B, alliance & Leicester are still viable entities under the Santander umbrella. The government in my view was plain wrong to assign NRK a nil value on the grounds it would be bust if they had not bailed it out. If they were correct, the logic follows that no one should contemplate buying new shares in RBS/Lloyds as they were (probably still are given new bailout monies needed today) in a much worse position. This includes the government which is raising its stake with our money...so we are paying some xxBn's more for a worthless asset ?? The sp's for these 2 banks indicate the banks still have a present & future value. RAB, SRM, small investors in my view have good grounds for their legal case if comparisons are made with the Governments' inconsistent approach viz a vie Lloyds/RBS. Hopefully the government will loose - they deserve to fail on this issue for robbing shareholders (owners) with virtually no consultation.. What a shambles. ps I am not, nor have I been a shareholder in NRK for the last 2 years. |
Posted at 28/10/2009 14:37 by dysonhooverman HMG did leave investors high and dry by suggesting there was nothing wrong before nationalising it once the big boys had cleared out 5(?) months later.You should know by now not to trust anything the 'official' source says. |
Posted at 26/7/2009 22:10 by qantas ROCK SHAREHOLDERS READY TO TAKE FIGHT TO EUROPE NORTHERN ROCK's former shareholders will find out whether or not their battle for compensation has been successful on Tuesday, when the Court of Appeal delivers its verdict. Hedge funds SRM Global and RAB Capital, insurer Legal & General and thousands of small investors are suing the Government as they believe it rigged the compensation process to ensure that they would not get anything for their shares. The bank was nationalised in February 2008, wiping out investors instantly. When in September it appointed BDO Stoy Hayward to set the level of compensation due to investors the Treasury told the accountancy firm to assume that Northern Rock was "unable to continue as a going concern and in administration". Shareholders say this prejudices the BDO's valuation work and will result in minimal, if any, compensation. It is thought investors want compensation worth at least £4 per share. The Treasury declined to comment. The Government won the original High Court tussle in February, prompting an appeal. Sources close to the investors say they will take their case to the House of Lords if Tuesday's ruling goes against them. If the court does not grant them leave to appeal to the Law Lords they will take their compensation battle to the European court. |
Posted at 10/6/2009 08:49 by miata The Treasury is investigating the prospect of selling state-owned bank Northern Rock, according to a report.The feasibility of floating it on the stock market or finding a City buyer are being explored, The Times said. Selling the Rock to the private sector at a profit would look good politically but only if it delivers the full value to taxpayers, the paper said. Separately, former Rock investors go to court on Wednesday in a renewed bid to be compensated for their shares. They are trying to overturn a government compensation scheme, which they say will result in their shares being worthless in the wake of nationalisation. But analysts Ralph Silva of Tower Group told the BBC that shareholders should wait until the Bank was sold and that then - with a value placed on it - they would be better placed to claim compensation. Voter factor Northern Rock saw the first run on a UK bank in more than a century after it was forced to seek emergency funds from the Bank of England in September 2007. The Times said the Treasury was in no hurry to sell the Rock - which has been repaying the government. It owes £8.8bn of the £27bn it was loaned at the end of 2007. It has cut staff volumes and slashed the size of its mortgage book - its only real asset - to £100bn. A sale of the bank at a profit could help convince voters that Gordon Brown had overcome the crisis that led the British banking system to near collapse, the paper said. In an earlier High Court action, a judge ruled that, had the Bank of England not stepped in to save the Rock, it would have been unable to pay its debts and it would have had to cease business. Lawyers for the former shareholders say that, when the government took over the bank and the shares of the investors without compensation, it was a breach of human rights. There should be compensation that reasonably relates to the value of the bank, they claim. The case has been brought by two major investors, SRM Global and RAB Capital, and up to 200,000 private shareholders who held as much as 25% of the shares in the Newcastle-based bank. The private shareholders, including existing and former Northern Rock employees - many at risk of losing their retirement "nest egg" shares - are backed by the UK Shareholders Association. But there is concern that the institutional investors - some of whom had bought Northern Rock shares towards the end of its life as a private firm - had bought into the firm on the gamble that they would be compensated by the government should things go wrong. |
Posted at 15/1/2009 09:20 by bryan2 The court case latest.Courtesy of Jamtastic Interactive Investor site. Shareholders in Northern Rock have criticised the Government for encouraging them to keep or buy shares in the stricken bank before nationalising it on terms that will leave them with little or nothing. Thomas de la Mare, representing small investors the High Court in London yesterday, argued that the Government's harsh terms for nationalisation would have "a devastating effect" on people whose Northern Rock shares were part of their retirement savings. Dennis Grainger, the lead small shareholder claimant, held on to more than 7,000 shares he had built up in the bank's staff-share scheme, despite the announcement of emergency Bank of England support in September 2007. He was "persuaded" to do so by statements from the authorities that Northern Rock was solvent, well capitalised with a good-quality loan book and that Northern Rock was being supported through short-term funding problems, Mr de la Mare said. The statements were successful in ending runs on the bank's deposits and shares, and the 150,000 small investors should not face disadvantage for holding on to shares or buying more, Mr de la Mare added. In his evidence, Mr Grainger said: "Many shareholders... still believe they have shares in the bank and have not fully understood what has happened. These are not gamblers." The shareholders are asking the court to overturn the Government's nationalisation terms, which require a valuer to assume the bank had received no state support and was in administration. The bank's shares were valued at 90p before nationalisation in February; shareholders argue they are really worth at least £3. The shareholders were supported in court yesterday by Legal & General, the biggest investor in the UK stock market. L&G, which held more than 4 per cent of Northern Rock, said the Government's action meant it could nationalise the whole banking system without compensating shareholders, setting a dangerous precedent. "Without effective property rights, a free-market economy cannot operate effectively," L&G said. "It is essential for future economic growth and pension security that investors can place their money in the UK stock market, knowing that their shares will not be appropriated for anything less than their fair market value." The shareholders highlighted the different treatment given to other banks since Northern Rock's nationalisation, with investors in Royal Bank of Scotland and Lloyds Banking Group diluted by Government stakes but not wiped out. |
Posted at 31/3/2008 23:44 by scribbler101 Good article. i'm sure the Mail will be happy for us to see it here for our private use.How much can Rock investors expect? Brian O'Connor, Daily Mail 3 March 2008, 10:39am Reader comments (2) | Data What compensation will the hard-hit shareholders of Northern Rock get from the government? What would be fair? The answers to the two questions may be very different. Chancellor Alistair Darling has already tried to frame the first answer. In classic Whitehall fashion, he is appointing an 'independent valuer' - but adds that the valuation must be done as if Rock were in administration, and assuming no government support. Angry investors accuse the Treasury of trying to rig the verdict. Roger Lawson of the UK Shareholders Association (UKSA) says: 'They are saying it's in administration when it isn't. The government is trying to manage down expectations. 'I think they have already decided there will be a legal case, and are trying to get away with paying as little as possible.' The Treasury says an independent professional valuer will be chosen from one of the big accounting firms, and the valuation will be fair. Critics question whether the big four accountants are impartial enough, since they earn so much from the public sector. Investors are preparing for battle. Some 6,000 have already joined the Northern Rock Shareholder Action Group, backed by the UKSA. Its members have hired David Greene of Edwin Coe, an experienced lawyer who worked on Railtrack investors' successful compensation bid. Greene says: 'The government has thrown down the gauntlet. There is no doubt that shareholders have a good case. Their rights have been breached'. Roger Lawson adds: 'Shareholders are very angry about the compensation terms, and feel the government has acted disreputably.' Investors have still to decide how to fight. One option is to seek a judicial review of the hasty legislation, and to challenge the valuer's terms of reference. Another option is a simple claim for damages. Either may take deep pockets and moves to raise funds from shareholders are under way. Support from Jon Wood's SRM hedge fund group and Philip Richards' RAB Capital, who own 20% of Rock between them, will be crucial. RAB spent £75m on shares at an average of about £2. Greene knows the ropes. In the Railtrack case, the first step was to negotiate a cap on the legal costs. Then 48,000 investors shelled out £3m. Once the claim went in, the government caved in and offered compensation of about 250p per share. Though a later lawsuit failed, the final payout will be 262p, worth £1.3bn. The key was putting the wind up Falling like a stone: How Northern Rock's shares have slumped Ministers enough to convince them to settle. What might compensation be this time? Shares in Northern Rock, which began as a mutual building society, were floated on 1 October 1997 at 452p. They peaked at 1251p, valuing the bank at £5.3bn. As late as last March, the shares were still 1192p. When the queues formed in September, they fell to 423p, then 140p. They were suspended two weeks ago at 90p, valuing the equity at £380m. Northern Rock also has £20m of preference shares outstanding. Amazingly, these are still trading, and rose this week to £75, where the dividend yield would be 16.8pc if the dividend is paid. Clearly there are optimists out there. Rock has 180,000 ordinary shareholders, of whom 11,000 are or were staff and 100,000 hold fewer than 1,000 shares. Robin Ashby, of the NR Smaller Shareholders Group, cites one Rock staffer who invested all his pay rises and built up a £100,000 nest egg, now potentially worthless. Another saved a £12,000 stake for a kitchen once she retired. Ashby says: 'This has hit some people hard.' Funding a lawsuit will not be easy for these people, unless big investors help. It is easy to see why Darling, on behalf of the taxpayer, seeks to cap any payout. Unarguably, of course, Northern Rock survived only with £25bn Bank of England funding. Yet even then, Virgin put a price of at least 25p on the shares. Spread betting firms predict a payout close to this level. With 421m shares in issue, paying 25p would cost £105m. A more plausible 50p to 100p would cost £211m to £422m. Repaying the £4 a share 'book value' of Rock's assets would cost £1.68bn. Unhelpfully for the Treasury, the Railtrack case revealed a 2001 note from civil servant Martin Wheatley to Labour's Ed Balls warning that human rights law 'requires the government to pay the average share price over the past five years'. For Rock that could top £7 per share, or £2.95bn. The Railtrack case threw up other embarrassments - a lie by Transport Secretary Stephen Byers, and civil servant talk of shareholders as 'grannies losing their blouses'. Greene relishes the prospect of more. He says: 'When we get the emails, it will be interesting to see if they have changed their habits. This time the grannies may bite back!' Taxpayers will be furious if they pay anything, since they are not to blame for Rock's fate. Yet the law on nationalisation, some of it EU based, requires fair compensation. There is a possible solution. Darling would not sell Rock to Virgin lest it restore the bank and make £1bn-plus profits. His brief to Rock's new boss Ron Sandler will be to restore it and sell or float it. Three years on, a slimmer, fitter Rock could be worth, say, £2bn. Why not offer present shareholders part of the sale value? A 30% stake could be worth 140p a share then and cost nothing now. The City would make a market in the shares for anyone needing to sell in the meantime. How about that, Mr Darling? |
Posted at 15/2/2008 10:30 by powwow Citigroup shuts London fund to withdrawalsAngela Jameson Citigroup has moved to stop investors withdrawing their money from one of its London-based hedge funds after panic selling that saw investors try to pull out more than 30 per cent of the fund's $500 million (£254.3 million) assets. The bank has suspended redemptions in CSO Partners, a fund run from a Berkeley Square address which specialised in corporate debt and which lost 11 per cent last year, according to The Wall Street Journal. Last month Citigroup injected $100 million into the fund to stabilise it. John Pickett, the fund's long-term manager, has also departed after a dispute with Citigroup executives and complaints from investors that he put too much money into a single investment that went bad. Related Links * Citigroup hammers SocGen on 'damaged credibility' * Citigroup cut London jobs on recession fears * Scot Equitable shuts fund to withdrawals Alternative-investme Of the bank's $2.4 trillion assets, only $61.9 billion is invested in alternative products, of which about $11.5 billion represented Citigroup's own capital. The problems at CSO Partners represent another embarrassment for the world's biggest bank as it tries to recover billions of dollars of losses related to sub-prime investments. Vikram Pandit, the new chief executive if Citigroup, briefly ran the alternative-investme A large Citigroup hedge fund called Falcon Strategies suffered a 30 per cent decline last year as bets on the credit markets backfired. Old Lane Partners, a hedge fund now run by Citigroup that was founded by Mr Pandit and other former Morgan Stanley executives, has also performed poorly, posting a 1.8 per cent loss in January. The weak performance by CSO Partners and other Citigroup hedge funds contributed to an 89 per cent decline in fourth-quarter net income by the bank's alternative-investme Its profit fell to $61 million from $549 million a year earlier. CSO, which stands for Corporate Special Opportunities, was started in 1999 with Citigroup's own capital. In 2004 it began accepting money from outside investors, such as pension funds and wealthy individuals. Those investors now account for most of the fund's assets. Since its start, the hedge fund has been run by Mr Pickett, who in the late 1980s joined Salomon Brothers, now part of Citigroup, as a bond analyst in New York. CSO compiled a solid track record investing in European and US corporate debt and had gained about 27 per cent since opening to outsiders. Citigroup followed other investment banks into the hedge fund industry this decade as the funds boomed. The banks bought stakes in existing funds and started some of their own in the hope of grabbing some of the cash pouring into these funds from large institutions. Investment banks also wanted in-house alternative-investme Within weeks of Mr Pickett's departure, anxious investors were trying to pull their money out of CSO. In a letter to investors explaining the bar on withdrawals, the new fund manager said that if the fund honoured all the requests for redemptions, it would have to sell valuable assets at deep discounts. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
