any comments, thoughts, on this stock.

;-0

Northern Rock confirms to pay H1 dividend on Oct 26
AFX


LONDON (Thomson Financial) - Stricken UK mortgage lender Northern Rock confirmed it intends to pay some 59 mln stg in dividends to shareholders next month, following a press report that it had taken legal advice on the payout.

A Northern Rock spokesperson said investors will receive a dividend for the first half of 2007 as scheduled on Oct 26. In July, the bank set the interim dividend at 14.2 pence per share, up 30.3 pct compared with the first half of 2006.

The spokesperson declined to comment on a Financial Times report that Northern Rock had taken advice on whether it was legally obliged to make the payment.

The dividend payment is scheduled six weeks after the lender was forced to seek emergency funding from the Bank of England after being hit by this summer's global credit crunch.

According to the FT, if Northern Rock decides not to pay the dividend, it is likely to announce the decision before Sept 28, as only investors featuring on the shareholder register by that date are eligible for the payout.

The bank affirmed its intention to pay the first-half dividend on Sept 14, when it first revealed that it had sought the BoE's support.

Northern Rock shares were up 0.36 pct at 194 pence by 10.35 am.

not now they're not! .... afer an early high of 221 (after opening at 163!), sp has now drifted back to 181 and still gently falling

I was thinking of going long this AM on expectation of SP rise prior to X-div. Glad I didn't!

Interesting to watch from a distance.

They opened at 175p, cynic, then fell to 163p and shot to 221p before tailing off to where they are now.

;-))

Going down fast.

375k sell at 175p either lost a lot or made a bit.

I know my heart needs exercise, but not that associated with this price movement.

I think I will sit back in a chair and think what a healthy walk would do for me.

Already had mine Fred1new, 2dogs,3 miles and fresh air. I recommend it. You will come back with a new outlook and ready to go. lol

174p at the moment

160p at the finish or will it rally again.

170p is the floor for now IMO. the drop through first thing was a false break.

I fully expect things to change over the next 2 days. ;-))

good politician's answer!

xd and all that cynic.

PS - apart from first thing today, there's been heavy buying when she gets in the 170-175p range since she first dropped down here. Get yourself an intraday 5 min chart and look over the volume histogram. I mentioned this on the traders thread on Friday.

This morning's false break as low as 163p was a raging buy and the volume which overshot the thing north was impressive.

There's still good money to be made long, let alone if you can work it both ways. ;-))

Keep trying to catch the falling knife!

After xd Wednesday, gawd knows what'll happen, halifax

With NRK's market capitalisation now less than 750million it seems totally irresponsible on the part of their directors to pay out a dividend of 60million or are they just filling their own pockets before departure?

it would seem they may have no option ..... see earlier posts etc

Doesn't look like Lloyds will be bidding, though they must have lost a few million ditching at this level
LONDON (Thomson Financial) - Lloyds TSB Group PLC has reduced its holding in beleagured mortgage lender Northern Rock PLC to 3.3 mln shares, down from 16.5 mln shares previously, Northern Rock said in a statement to the London Stock Exchange.

The disposal reduces Lloyds TSB's Northern Rock shareholding to below 3 pct.

At 3.20 pm, Northern Rock shares were down over 25 pct or 65 pence at 191 while Lloyds TSB shares were down 8-1/2 pence or nearly 2 pct at 532.

alexander.ferguson@thomson.com