This comment appeared in this Saturday's issue of The Northern Echo (p.17)
"So, Northern Rock is prepared to lend £14bn in the next two years (see Businees Echo, Feb 24). Where's the money for my shares?"
George Maxwell, Reeth, North Yorkshire
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About NRSSG
The NRSSG was establishes at the time the business's troubles started in August 2007. Prior to nationalisation we would have prefered Northern Rock plc to remain an independent, publicly-quoted company providing good-quality jobs in the North East and supporting the charitable Northern Rock Foundation. Many of our members would prefer it to revert to its original staus as a Mutual Society. We were and are opposed to a 'fire sale' of the company's assets at below true value, or the further dismemberment of the business. We will continue to resist pressure by authorities to compel Northern Rock to actions which are not in the best interest of the business and the region.
We campaign for fair compensation for all those whose shares were expropriated by the Government, including demanding participation (such as the return of our shares, which now comprise a small proportion of the share capital following the Government's "rights issue" to itself) when the business is eventually returned to the private sector, and for an enquiry into all the circumstances leading up to nationalisation. The enquiries by the Financial Services Authority are welcome but insufficient. While we support legal actions being taken by others, we are not a party to them.
The Honorary President is Lord Stevens of Kirkwhelpington, Chancellor of the University of Northumbria, who is a saver and shareholder.
Membership of the NRSSG is free and open to all of the many thousands of individuals whose shares in the Rock were cancelled by the Government.
We campaign for fair compensation for all those whose shares were expropriated by the Government, including demanding participation (such as the return of our shares, which now comprise a small proportion of the share capital following the Government's "rights issue" to itself) when the business is eventually returned to the private sector, and for an enquiry into all the circumstances leading up to nationalisation. The enquiries by the Financial Services Authority are welcome but insufficient. While we support legal actions being taken by others, we are not a party to them.
The Honorary President is Lord Stevens of Kirkwhelpington, Chancellor of the University of Northumbria, who is a saver and shareholder.
Membership of the NRSSG is free and open to all of the many thousands of individuals whose shares in the Rock were cancelled by the Government.
In this blog
- About NRSSG (7)
- Economic Updates (13)
- Freedom of Information (1)
- Informative background (1)
- Media Coverage (16)
- Members' Commentary (8)
- Northern Rock press releases (4)
- NRSSG bulletins (12)
- other action groups (1)
- Parliamentary debate (1)
- share valuation (3)
- UK Shareholders Association (11)
- update meeting government legal court (7)
Join NRSSG / contact us
To join the Northern Rock Small Shareholders' Group, e-mail your details to nrssg@north-house.com or mail NRSSG, North House, 17 North Street East, Newcastle upon Tyne NE1 8DF
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