NRSSG founder Robin Ashby writes:
The decision of the Olivant group not to proceed with its offer to "buy in" to Northern Rock, announced only shortly before the deadline for submission, was both a shock and a great concern.
If what appeared to be a sensible and fair solution (which had been supported by shareholders large and small) could not be made financially viable, what does this tell us about the attitude of HM Treasury? Are they playing macho games again? And are they forgetting that although they may bully their preferred solution through the management and a shareholder meeting, each of us have a further vote with our wallets when they come to ask us to contribute half a billion pounds or more in a rights issue.
It appears Virgin/Branson hasn't improved its terms, and what we knew of that bid had received zero support. The management proposals are of course unclear, but would leave us in control of our company and meet our objectives. We shall watch out for detail with interest, but as always your views will be very welcome - please post them as comments on the blogspot http://nrssg.blogspot.com. We'll also get another straw poll going here soon to test opinion.
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