Shareholders Fail in Bid to Limit Management Options to Save Northern Rock
Western Mail › January 16, 2008
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Summary
Rebel shareholders in beleaguered mortgage lender Northern Rock were yesterday frustrated in their bid to gain a greater say in the future of the firm. Investors failed to back in sufficient numbers three of the four resolutions put forward by its two biggest shareholders that could have limited management powers to find a rescue deal for the business.
The successful resolution limits the board's ability to issue shares, although Northern Rock said this did not represent an "additional material restriction" to a rescue.See the full content of this document
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Shareholders Fail in Bid to Limit Management Options to Save Northern Rock
The four proposals put forward by hedge funds SRM Global and RAB Capital restricted the board's ability to issue shares and sell assets.
Northern Rock's board warned the pro...See the full content of this document
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