Robin Ashby has today written to Jim Cousins MP, MP for Newcastle Central and a member of the Treasury Select Committee, in the following terms:
Dear Jim,
As you know, the Northern Rock Small Shareholders Group is not a party to the legal proceedings currently under way. The story on page 41 of today's Times is therefore the first we've heard about the evidence of John Kingham, ex Treasury, about who is responsible for the first leak to Peston of the BBC.
Can I therefore urge you to take up the cudgels again to try to find out through Parliament who in effect caused the run on the bank - and arguably made a substantial contribution to some of our current problems - by premature disclosure.
With best wishes
Robin Ashby
Monday, 19 January 2009
Monday, 1 December 2008
Northern Rock Shareholders Action Group - Update No. 46
Letter from Andrew Caldwell
Many shareholders have received a letter from Andrew Caldwell of BDO Stoyward concerning the valuation of Northern Rock - he is the Government's appointed independent valuer. A copy of the letter is present on the UKKSA web site here.
Our response to the letter on behalf of shareholders is also present on the UKSA web site here.
In respect of your own response to the letter (all shareholders are invited to comment), we suggest you may simply write to Mr Caldwell and express the view in your own words that the terms of reference for the valuation effectively undermine his independence as a valuer and make a nonsense of the whole process (see below). In reality it is the acquirer of a company dictating the valuation terms for their own benefit.
You should also send a copy to your local M.P. so that he/she is aware of this issue. If you don't know who your M.P. is or how to contact him, use this web site page to find that information.
Note that we have already received quite a few samples of letters sent to Mr Caldwell from our supporters and thanks for those. A typical example is that from Robert Harris which probably represents the views of many.
Unfair Valuation Terms
To remind you: the Valuer is bound to assume that the company was not a "going concern" and was in "Administration", neither of which was true in fact. The company was definitely not in Administration and was trading normally (and the year end accounts for 2007 were produced on a "going concern" basis). In addition assumption have to be made that all financial assistance had been withdrawn by the Government and no future assistance would have been forthcoming - the first part is definitely untrue and the latter seems very unlikely and has not in reality taken place.
Donations Received
Thanks to all those supporters who sent donations in response to our last appeal. We do not acknowledge individual donations unless specifically asked to do so. We don't wish to add unnecessarily to our administration costs, but if anyone specifically wants an acknowledgement or a receipt we are happy to provide one.
It was also apparent from the responses received that a lot of people have changed postal or email addresses since this campaign commenced. Please notify us of any changes in either type of address if you wish to be kept informed.
Bank Dividends Campaign
For those investors who have been hit by the decline in the shares of other UK banks, and limitations on future dividends, we have started a general campaign to try to get more reasonable terms. The commitment by Royal Bank of Scotland, LloydsTSB and HBOS to not pay any dividends for five years is particularly distressing for those people living on dividends for their retirement income. More details of this campaign can be seen on a dedicated page on the UKSA web site here.
If you hold shares in the above mentioned banks you may care to register your interest in that campaign also. We are also holding a meeting for investors in these companies in London on the 11th December which you may care to attend. See the above web site page for more details.
Roger Lawson
Chairman, Northern Rock Shareholders Action Group
Many shareholders have received a letter from Andrew Caldwell of BDO Stoyward concerning the valuation of Northern Rock - he is the Government's appointed independent valuer. A copy of the letter is present on the UKKSA web site here.
Our response to the letter on behalf of shareholders is also present on the UKSA web site here.
In respect of your own response to the letter (all shareholders are invited to comment), we suggest you may simply write to Mr Caldwell and express the view in your own words that the terms of reference for the valuation effectively undermine his independence as a valuer and make a nonsense of the whole process (see below). In reality it is the acquirer of a company dictating the valuation terms for their own benefit.
You should also send a copy to your local M.P. so that he/she is aware of this issue. If you don't know who your M.P. is or how to contact him, use this web site page to find that information.
Note that we have already received quite a few samples of letters sent to Mr Caldwell from our supporters and thanks for those. A typical example is that from Robert Harris which probably represents the views of many.
Unfair Valuation Terms
To remind you: the Valuer is bound to assume that the company was not a "going concern" and was in "Administration", neither of which was true in fact. The company was definitely not in Administration and was trading normally (and the year end accounts for 2007 were produced on a "going concern" basis). In addition assumption have to be made that all financial assistance had been withdrawn by the Government and no future assistance would have been forthcoming - the first part is definitely untrue and the latter seems very unlikely and has not in reality taken place.
Donations Received
Thanks to all those supporters who sent donations in response to our last appeal. We do not acknowledge individual donations unless specifically asked to do so. We don't wish to add unnecessarily to our administration costs, but if anyone specifically wants an acknowledgement or a receipt we are happy to provide one.
It was also apparent from the responses received that a lot of people have changed postal or email addresses since this campaign commenced. Please notify us of any changes in either type of address if you wish to be kept informed.
Bank Dividends Campaign
For those investors who have been hit by the decline in the shares of other UK banks, and limitations on future dividends, we have started a general campaign to try to get more reasonable terms. The commitment by Royal Bank of Scotland, LloydsTSB and HBOS to not pay any dividends for five years is particularly distressing for those people living on dividends for their retirement income. More details of this campaign can be seen on a dedicated page on the UKSA web site here.
If you hold shares in the above mentioned banks you may care to register your interest in that campaign also. We are also holding a meeting for investors in these companies in London on the 11th December which you may care to attend. See the above web site page for more details.
Roger Lawson
Chairman, Northern Rock Shareholders Action Group
Monday, 17 November 2008
A letter from the Rock's valuer
Many Rock shareholders will have recieved a letter late last week from Andrew Caldwell, which readers will know was the independent valuer involved in the Rock case. In it, he details his newly established team and more importantly sets out an outline of his proposed procedure. Due to the different accounts involved this is a chance for all to read up on the latest.
Letter to Rock Shareholders
Letter to Rock Shareholders
Wednesday, 5 November 2008
Rock HQ: up for rent
It may be the ‘finest building in the North’ but The Tower, (pictured left) the 10- storey office block building commissioned by Northern Rock at Gosforth in Newcastle is very much empty these days.
At NRSSG, we’ve learnt that The Tower is being marketed by two Newcastle agents asking for rent totalling at least £2.25m a year, with a view to leasing offices for 10 – 15 years.
Northern Rock said at the end of August that it would dispose of both The Tower, designed by Red Box Architects, and its new building at Rainton Bridge in Sunderland, though details of arrangements for the latter have not yet been announced.
Property consultants Gavin Black and GVA Lamb & Edge said they were seeking tenants for the Tower, at rates of at least £18 per sq ft. Northern Rock is also seeking tenants for space in other Regent Centre buildings – Bulman House, Horsley House and Eldon House.
Gavin Black said: “The views from the building are absolutely stunning, to the Sage headquarters and on to the Cheviots.
“I think it is the finest office in the North. There has been a lot of thought gone into it, as it was designed for owner occupiers. It’s excellent, without being ostentatious.
“The design is excellent in ‘green’ terms too – there is zonal control of the heating and lighting. We believe we are offering a broad range of high quality space for occupiers, much of it with work stations in situ and therefore ready for immediate use, and in a very good location. We are optimistic that this will lead to many new occupiers coming to Regent Centre.”
GVA Lamb & Edge director Tony Wordsworth said:
“The Tower is a fine office building. It provides grade A space with stunning views and is unquestionably a landmark building with open plan floorplates of around 12,500sq ft, with the benefit of onsite car parking. It has been finished to a high standard, providing excellent space with an emphasis on sustainability.”
Monday, 3 November 2008
Annual Report on EU banking structures
The European Central Bank (ECB) publishes today its annual report on EU banking structures. The report, which has been published every year since 2002, reviews the main structural developments in the EU banking sector in 2007 and the first half of 2008. It also contains two special features on the incentive structure of the 'originate and distribute' model of financial intermediation and the on a survey of EU banks on major risks on the year ahead (covering the period from spring 2008 -spring 2009.
Subscribe to:
Posts (Atom)
