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17 July 2024

Northern Rock 'no lame duck', says investor



The biggest shareholder in Northern Rock said other investors should back its proposals to prevent a "hasty" deal as the bank's value was "materially in excess of its current share price".

Hedge fund SRM Global said in a statement on Monday that Northern Rock was "nothing like the 'lame duck' that some would have you believe".

SRM and RAB Capital, the next biggest shareholder, have called an extraordinary shareholder meeting, to be held on January 15, for investors to vote on whether assets can be sold or significant new shares issued. Northern Rock has said the proposals could hinder a swift rescue. (Reuters)