any comments, thoughts, on this stock.

Northern Rock continuing search for private buyer UPDATE




(Recasts, adds detail, share price)
NEWCASTLE (Thomson Financial) - Northern Rock chairman Bryan Sanderson said
the stricken lender expects to complete a strategic review by mid-February, and
is continuing to look for a private buyer, despite growing speculation it will
be nationalised.
"We are looking for a private sector solution. Whether the group is
nationalised or not is a matter for the government over which we have no
control," Sanderson told a shareholder meeting in Newcastle today.
Sanderson's comments came as Northern Rock shareholders prepared to vote on
proposals, tabled by the bank's two biggest shareholders, which would limit
management's ability to sell the group without consulting investors.
The measures were drawn up by hedge funds RAB Capital and SRM Global, who
have built up an 18 pct stake in the bank between them, and are anxious that
management could be pressurised by the government into selling too cheaply.
Northern Rock's board has urged shareholders to vote against the proposals.
There are fears that if they are approved, the government could respond by
nationalising the lender and selling off its assets in an effort to recoup a 25
bln stg emergency loan from the Bank of England.
Northern Rock is in talks with two potential private sector buyers -- a
consortium fronted by Sir Richard Branson's Virgin Group, and Olivant Advisers,
a buyout firm led by former Abbey chief executive Luqman Arnold -- but both are
believed to be struggling to raise the finance needed to start paying off the
lender's BoE debt.
At the weekend, it was reported that the government has already lined up
former Lloyd's of London chief Ron Sandler to chair Northern Rock if it decides
to take the group into public ownership.
However, the Financial Times reported today that Prime Minister Gordon Brown
would not be forced into making a snap decision on whether to nationalise
Northern Rock if the bank's other shareholders back SRM and RAB Capital today.
Addressing today's meeting, SRM founder Jon Wood said he also believed there
would be a "private solution" to Northern Rock's crisis, while RAB Capital chief
executive Philip Richards warned that nationalisation would spell a "slow death"
for Northern Rock.
Separately, Northern Rock chief executive Andy Kuipers said there were signs
the bank is stabilising, with deposit outflows in December falling to their
slowest pace since the group's crisis began in mid-September.
Northern Rock, once the UK's eighth-biggest bank by market value, was
crippled by funding problems in September when rising defaults against US
sub-prime mortgages prompted banks to stop lending to each other.
That left the UK lender, which had relied heavily on borrowing in the
wholesale markets to fund itself, with no option but to seek emergency support
from the BoE.
Sir Ian Gibson, Northern Rock's senior non-executive director, today told
shareholders that while the bank had held takeover talks with a number of other
banks including Lloyds TSB in the immediate aftermath of the crisis, none of
them had made an offer for the group.
"No banks in discussions with us were capable of bringing an offer to the
table," Gibson said.
Northern Rock's Sanderson also told shareholders today that no board member
had been paid a bonus since September. It was reported at the weekend that the
bank is paying senior staff members bonuses of up to 100,000 stg a year as part
of an incentive scheme.
Northern Rock shares were down 14 pct at 71 pence by 12.40 pm, with analysts
attributing the decline to worries the bank will be taken into public ownership
at a price below the current share price.

What was the price on its first day of trading eight years ago, I think?

600 in 1998, but suspect it was trading before then .... feel to about 300 a couple of year later, since when, it never looked back until late 2007

Whats happened to Dicky Pickles has he fallen off his white horse. Must dust off my copy of Sinatra's "MY wAY".....and now the end is near.......

In auction again!

skinny

why would it be in auction again? Apols for my ignorance

coeliac1 - have a look here - https://www.moneyam.com/help/?page=level2 and look for this text The auction process occurs regular at opening and closing of the markets and sometimes intraday auctions are called if a stock moves 5% or more in one trade.

Northern Rock shareholders reject most of rebel investors' proposals




LONDON (Thomson Financial) - Northern Rock said its shareholders rejected
all but one of four proposals aimed at forcing it to consult investors over
asset disposals and share issues at an extraordinary general meeting today.
In a statement, the stricken mortgage lender said the single proposal that
won shareholder approval -- which obliges the group to consult investors before
issuing new shares worth more than 5 mln stg -- "will not prove to be an
additional material restriction" on its efforts to overcome its financial
crisis.
The proposals had been put forward by dissident investors RAB Capital and
SRM Global, who own 18 pct of Northern Rock, in an effort to prevent the bank's
management from selling the company or its assets too cheaply.
"Shareholders should be assured that the board of the company will continue
to work towards securing the best possible outcome for shareholders and other
stakeholders," Northern Rock chairman Bryan Sanderson said in a statement.
Northern Rock shares were down 16 pct at 68 pence by 3.32 pm.

and you won't be able to short them either!
reckon there will be several heads rolling at RAB and SRM .... serves them right

cynic - you can short them on CMC spreadbet.

quite surprised .... wonder if it would allow it if you actually tried to ..... i would have thought that, as for CFDs or any other shorting, there had to be a willing lender of stock

cynic - yes it does :-)

short it to 5p...u know it makes sense..screw RAB as well

NRK's latest director appointment ex Merrill Lynch plenty of experience there then!

does Marconi still have a ghost there also?

Today's fudged support "Gov Bond" lifts shares 46% - Wow!
Quite a contrast against FTSE falling 5% under worries with US recession spectre.

Maybe this is not time to short this stock . . . with some life in the Old ex- Mutual, - - - - or Not . . . . .

Nationalisation announced, is this the end of the road for NRK or will this "phoenix" rise from the ashes?

Help what happens now i hold 14000 shares

You get compensation for your shares, but it might be 1p each.

Thanks for the good news my friend

Investors would be offered compensation for their shares set by a Government-appointed arbitration panel which decides on a fair price. But shareholders, including two hedge funds, could launch legal action if they are unhappy with the amount offered. Shares in the company are trading at less than 100p although the two hedge funds have reportedly written to the Treasury calling for 400p a share in compensation.