Dennis Grainger, a volunteer with the UK Shareholders' Association (UKSA), will be highlighting the campaign with a stall in Newcastle’s Northumberland Street on Friday, April 25 and then in Sunderland’s Market Square on Saturday, April 26, collecting signatures on a petition calling for changes to the way compensation for shareholders will be assessed.
The UKSA says the Government has "rigged" the rules of the review body it set up to rule on how much shareholders should receive. The valuation will be based on a number of assumptions the association says are untrue, including that the bank is in administration and unable to continue as a going concern.
The terms are designed to ensure as low a price as possible for the business – and UKSA is seeking a judicial review of the valuation scheme.
"The vast majority of small shareholders in this area hold only 500 shares, and most have held them for years – many, indeed, since demutualisation of the old Building Society ten years ago," said Dennis.
"These shares were worth more than £6,000 only a few months ago.
"To add insult to injury, the Government's 'rigging' of the terms of reference will tie the hands of the review body and, it is widely believed, will result in shareholders being offered a measly 5p a share – i.e. £25 only – for their £6,000 holding.
"My hope is that shareholders will come up and find out more about the campaign.
"I believe their support will help win the campaign for fair compensation for ordinary people who have had their shares 'seized' by the Government." Dennis will welcome any help and support that NRSSG members are able to give him on April 25 and 26; his stall will be in operation at both locations between 8.00am and 6.00 pm. We urge you to get along and help bring more attention to the campaign for fair and proper compensation.
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