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Context of 'May 8, 2008: Shareholders Launch Challenge to Nationalization of Troubled British Bank'

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Troubled British mortgage giant Northern Rock announces that it is canceling the dividend that it was due to pay shareholders in October. The dividend would have cost the bank £59 million ($118 million). In addition, the bank says that it is in preliminary talks with people who want to buy all or part of its business. [BBC, 8/5/2008]

Entity Tags: Northern Rock plc

Timeline Tags: Global Economic Crises

At a meeting with management, the largest two shareholders in the troubled British mortgage lender Northern Rock—hedge funds RAB Capital and SRM Global—put forward a proposal that will stop the bank’s management negotiating its sale without consent from its shareholders. The bank needs to be sold to a new owner because of problems it has encountered during the credit crisis, and both major shareholders are worried they will not get much for their holdings (see November 26, 2007 and Shortly Before December 25, 2007). However, the bank’s management argues that the proposal should be rejected, as it would make a sale harder, and the other shareholders follow their lead, opening the way for the bank to be sold. [BBC, 8/5/2008]

Entity Tags: SRM Global, RAB Capital plc, Northern Rock plc

Timeline Tags: Global Economic Crises

Shareholders in the recently nationalized British bank Northern Rock launch a court challenge over compensation they are due to receive from the government. The UK Shareholders Association submits an application for a legal review into the terms of the bank’s nationalization. According to the association, about 7,000 shareholders back the action. [BBC, 8/5/2008]

Entity Tags: Northern Rock plc, UK Shareholders Association

Timeline Tags: Global Economic Crises

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