any comments, thoughts, on this stock.

I have just had a look at the KYS thread on the rival site, a mention by E K on RAB and NRK, I think Simon has a 8 % holding one way or another in KYS.



Gentlemen,

See what I mean? RAB are completely useless. They have gone and written off circa 50m on Northern Rock and now need to raise a paltry 150,000 or so to try and make things up cashwise. How the reputation of RAB was ever allowed to get so inflated I shall never know.

Simon Cawkwell

Perhaps evil is right but don't forget politicians are never wrong! Or are they?

Adam Applegarth has finally swallowed his pride and has stepped down from his throne of crisis which he built.

several pages in Sunday Times devoted to NRK debacle ..... with some amusement you may read about two hedge funds (RAB and SRM) squawking about the damage to shareholders if NRK is sold off .... what they really mean of course, is that the pair of them have been pouring millions into buying the stock as it fell, and are now likely to take a total pasting!

ST reports that all the bids now on the table value NRK at significantly below Friday's close, with Abbey's partial purchase being the only one that just might, several years down the line, put some value back into the company/shares ...... but why would one want to keep holding the shares in vague hope in the meantime?


just for reference, an extractedcomment re Abbey was ......

"Luqman's backers intend buying between 10% and 20% of the company at a price similar to where the shares now stand. This is believed to be much in excess of the price offered by rival bids."

cynic
Cheers I missed the 115p to 285p i will keep watching.

Great news...this will cause a slide in NRK tomorrow.

DOUBT IT..APPARENTLY 400P BID ON THE LINE

you mean i should care? .... i have guaranteed stops, so would be out with a profit even in the less than unlikely event that one of your crap stories comes true.

when do you expect to bank your multi-bag profit in EEL?

possibly tomoro on peak news tonight

Interesting.... where would a bid of 5 billion stg let alone 6 put the share price?

or have i got my sums wrong?

all depends on the change of BOE loan status to ' restructuring ' i surmise

then again maybe not!!!!...low bids abound?

The Treasury is in control of this process and it isn't the least interested in the shareholders. If the shareholders get 25p/share they'll be lucky.

if maestro has actually bought NRK, he'll soon be able to wholesale all the baths he has taken!

This is all expected even before doing the calculations, maestro...who would offer a good price for a crap company? This is basic economics. Guess Branson is offering pittance for it...take it or leave it


Rock offers fall short - MoneyAM
Offers for Northern Rock received so far fall well short the current market capitalisation.

Northern Rock said the approaches from potential suitors it has received so far value the group 'materially below' its 559m market capitalisation at the end of last week.

The stricken mortgage lender said talks with the suitors are continuing, adding that it expects to receive further approaches 'in the next few days.' The bank said it is also discussing options for refinancing its debts.

Separately, the UK Treasury today said it was 'willing to discuss' proposals to take over Northern Rock which envisage extending the lender's emergency support from the Bank of England beyond its scheduled expiry in February next year.

'Interested parties should not assume at this stage that the current Bank of England loan facilities will be available beyond either any sale or the expiry of the facilities in February,' the Treasury said in a statement. 'However, the authorities are willing to discuss any proposals made.'

Analysts and commentators have said a guarantee of continued government support for Northern Rock will likely prove essential to any successful private sector takeover of the group.

Northern Rock, once the UK's eighth-biggest bank, revealed in September that this summer's global credit squeeze had forced it to seek emergency support from the BoE.

Northern Rock's borrowing from the central bank has reached an estimated 25.3bn since then as it explores takeover proposals and rescue packages from at least four potential buyers.

Meanwhile, some of the major shareholders of Northern Rock believe it should stop its sale process.

They are planning to propose to chairman Bryan Sanderson that the embattled bank should halt its sale process and install a management team headed by Luqman Arnold, former CEO of Abbey National, the Financial Times newspaper reported.

SRM Global, a hedge fund run by former UBS trader Jon Wood, and other institutional shareholders will put forward their proposals to Sanderson this week, it said.

SRM and RAB Capital, which have a combined 13% stake in the bank, have opposed the sale, according to the the Sunday Times newspaper.

'We have repeatedly made it clear to the board that this sale process should be stopped. The process has become a farce which is damaging the franchise of Northern Rock and the UK banking system,' the newspaper quoted Jon Wood, head of SRM, as saying.

The Daily Telegraph reported Northern Rock is expected to reveal that all the bids submitted on Friday and over the weekend value the stricken bank at less than its current stock market value.

Up to eight bidders submitted proposals on Friday. Northern Rock's board met yesterday afternoon to discuss the proposals put forward to advisers Blackstone, Merrill Lynch and Citigroup, it said.

Maestro's three magnificent stocks: Equator, NXT and Northern Rock(et).

I think maestro has run for cover.

Probably left earth in one of his rockets and is currently headed for Mars.

Hey look cynic, sub 100p now.

i know, i know .... thank goodness for some little rays of sunshine

Hope this is not a lingering death as it continues to drag down my RBS. R.I.P. NRK.