Release: Support for Northern Rock shareholders' group "overwhelming"

SUPPORT FOR NORTHERN ROCK SHAREHOLDERS' GROUP "OVERWHELMING"

5 October 2007
For immediate release

Support for the Northern Rock Small Shareholders Group (NRSSG), set up less than a week ago, has been “overwhelming”, according to founder Robin Ashby.

The group, which speaks on behalf of the thousands of independent shareholders in the Newcastle-based Northern Rock, has received hundreds of enquiries from investors all over the region. NRSSG is opposed to the break-up and sale of the business at below its true value, not only for the sake of its shareholders but also for savers, employees and community groups throughout the northeast.

“The response has been absolutely overwhelming,” says Robin Ashby, a businessman from Gosforth, “and it is obvious that it is important to people all over the north-east that Northern Rock remains independent and prosperous”.

He has highlighted the plight of many individuals who have invested their life savings in Northern Rock shares and who could see those savings disappear overnight if the government goes ahead with a ‘fire sale’ of the company.

Since the shareholders’ group was set up, over a hundred new members have joined and it has received the support of a number of north-east MPs as well as Northumbria University Chancellor and former Commissioner of the Metropolitan Police, Lord Stevens of Kirkwhelpington. It has also received the full backing of Unite, the union, which represents Northern Rock’s 6,500 employees, former Northern Rock staff and Northern Rock pensioners.

Robin Ashby has urged shareholders to join the group if they have not already done so: “the more members we have, the better we can ensure that the interests of private investors, who often have the most to lose, are protected”. Membership is free to anyone who holds shares in Northern Rock and investors can join by e-mailing NRSSG at nrssg@north-house.com.
He has also urged supporters throughout the north-east to sign the petition on the Downing Street website (http://petitions.pm.gov.uk/SupportNR/), which already has over 500 signatures. Supporters can also join a number of groups committed to Northern Rock on the popular networking site Facebook.
ENDS

NOTES FOR EDITORS:
1. Northern Rock Small Shareholders Group (NRSSG) has five main aims:
“i. Our preference is for Northern Rock to remain an independent, publicly quoted business headquartered in the North East, supporting the Northern Rock Charitable Foundation.
ii. We are opposed to a 'fire sale' of the company's assets at below true value, and the dismemberment of the business.
iii. If the company is acquired, our preference will be for a buyer of the shares who gives us the option of remaining shareholders going forward.
iv. We will resist pressure by authorities to compel Northern Rock to actions which are not in the best interest of the small shareholders.”
2. Any small shareholder is welcome to join the group by emailing or writing with the name and contact details of each shareholder (if shares held jointly). There is no membership charge. They can join by e-mailing nrssg@north-house.com or writing to NRSSG, North House, 17 North Street East, Newcastle upon Tyne, NE1 8DF.
3. NRSSG encourages shareholders and non-shareholders alike to sign the petition on the Downing Street website at http://petitions.pm.gov.uk/SupportNR/.