Inflação nos alimentos em máximos de agosto de 2023

[djacinto]

boas noites.

Tenho um cliente no banco com 30000 acções do Northern Rock. Alguém sabe de alguma novidade para eu ver se lhe dou uma boa noticia?

[tghmc]

LONDON, Sept 8 (Reuters) - Britain's finance ministry said on Monday it had appointed BDO Stoy Hayward valuations partner Andrew Caldwell to assess how much compensation should be paid to shareholders affected by the nationalisation of Northern Rock (NRKx.L: Quote, Profile, Research, Stock Buzz) bank.

The government took control of the struggling mortgage lender in February.

"A list of people who held shares immediately prior to the transfer is being maintained," the Treasury said in a statement.

"Former shareholders can update their contact details by following the instructions on Northern Rock's web site. In due course, Andrew Caldwell will inform former shareholders and others of the basis on which he is going to operate and how he intends to proceed." (Editing by Paul Bolding)




© Thomson Reuters 2008 All rights reserved

[j.v]

alguem ja sabe se os accionistas do nort rock vao alguma coisa ,e quanto obrigado.

[tghmc]

LONDON, Feb 20 (Reuters) - A group of small shareholders in Northern Rock (NRK.L: Quote, Profile, Research) has attacked as "grossly unethical" the terms set by Britain's Treasury to determine the compensation they will receive after the embattled bank is nationalised.
The Treasury, which announced plans to bring the lender into public ownership this week, confirmed on Wednesday that it should not be required to compensate investors for "value which is dependent on taxpayers support".
But, echoing growing discontent among investors in Britain's fifth-largest mortgage bank, the UK Shareholders Association said assuming the bank was not a going concern meant any decision reached by an independent audit would be unfair.
Northern Rock, which has borrowed 25 billion pounds ($48.7 billion) from the Bank of England since September, is expected to continue lending and to seek retail deposits once it is under public ownership.
"By rigging the valuation this way, they will ensure that the value put on the shares by the valuer will be negligible," the shareholder group, one of several representing the small investors who own about a quarter of Northern Rock, said.
"The government cannot benefit from (its) own actions in this way, to enable it to then acquire ownership at a minimal cost," it said in a letter to investors. Big and small investors in the bank have reacted angrily to a nationalisation of Northern Rock which looks set to leave them with little or nothing, and a legal battle seems inevitable, though few expect the funds and retail shareholders to win out.
On the Friday before the decision to nationalise the bank was announced, the shares closed at 90p -- valuing the bank at 379 million pounds, 7 percent of the value at its 2007 peak.
Under terms published by the Treasury for compensation, investors may object to the decision of the independent auditor and, if they refuse a revised view, can appeal to a tribunal.
Hedge fund SRM, Northern Rock's top shareholder, has indicated it could consider legal action if it does not get book value -- which it estimates at a minimum 400p -- for its shares, though it built up its stake after the September debacle.
Small shareholders including the UK shareholders' association have also said they would take detailed legal advice, including on a possible appeal under the European Convention on Human Rights.
Investors in collapsed rail operator Railtrack, an effective nationalisation that ended in years of legal wrangles, were given 250p per share in compensation, just below the 280p price at which the shares were suspended. A further 157 million pound compensation claim, however, was thrown out by the High Court.
The Treasury also said on Wednesday that it could not prevent bilateral off-market or over-the-counter trades in Northern Rock shares, but warned any compensation would only be paid to the person who held shares just before nationalisation, meaning buyers now may not be entitled to claim damages. (Reporting by Clara Ferreira-Marques)

[luiz22]

Governo britânico nacionaliza Northern Rock


17/02/2008


O Governo britânico anunciou hoje que optou pela nacionalização do Northern Rock, a primeira dos últimos 25 anos do Reino Unido, depois de ter recusado duas propostas de compra do banco inglês em dificuldades, uma vez que estas não eram de valor suficiente.

O responsável das Finanças britânico anunciou hoje que amanhã vai avançar com nova legislação no Parlamento, de modo a que o Governo avance com esta nacionalização, que ainda assim pretende que seja temporária.

Alistair Darling explicou em conferência de imprensa que as duas propostas para a compra do Northern Rock - uma de quadros do banco e outra do Virgin Group - não tinham o valor suficiente de modo a compensar os contribuintes britânicos, depois do Banco de Inglaterra ter injectado 55 mil milhões de libras no banco, para evitar o seu colapso.

As acções do Northern Rock serão suspensas amanhã, sendo que os seus accionistas - que já criticaram duramente o plano do Governo de Gordon Brown - serão compensados pelo valor a que uma comissão independente avaliar o Northern Rock.

Mas os accionistas só serão compensados depois do Northern pagar o que deve às entidades públicas, pelo que os donos das acções não deverão receber nada por elas. Várias associações de accionistas já anunciaram que vão avançar com medidas legais contra esta decisão do Governo.

Ron Sandler é o novo presidente do banco britânico e irá ganhar 90 mil libras por mês.

http://www.bpionline.pt/comum/Com_Notic ... vegaScroll

[J R]

Continuo dentro e aguardo o rumo que o NR vai tomar com a maior das calmas.
Já se falou que íam ser pagos 400 pences por cada acção se fôr isso que vai acontecer é bom negócio para quem entrou nos últimos meses mas "nacionalização temporária" também pode ser a melhor solução para a situação criada,só não sei o que vai implicar para os acçionistas será uma suspensão temporária de negociação em bolsa ou o estado compra reestrutura e depois vende e fica com a mais valia???

[iurp]

Banco Northern Rock será «temporariamente nacionalizado»


O ministro das Finanças britânico, Alistair Darling, anunciou hoje que o banco Northern Rock, que enfrenta dificuldades, vai ser «temporariamente nacionalizado».

«Nas condições actuais de mercado, não pensamos que as duas propostas apresentadas ofereçam uma valorização suficiente para o contribuinte, pelo que o governo decidiu apresentar uma lei para colocar o Northern Rock num período temporário de nacionalização», declarou o ministro numa conferência de imprensa.

Os dois candidatos são o conglomerado dirigido pela Virgin, do milionário Richard Branson, e um dirigente do Northern Rock, Paul Thompson, antigo director-geral da companhia de seguros Resolution, que assumiu a liderança de um plano de reestruturação interno.


Segundo o diário económico britânico Financial Times de quarta-feira, o Ministério das Finanças britânico comunicou aos dois candidatos que as suas ofertas eram insuficientes.


«Tomámos esta decisão após uma ampla consulta com o Banco de Inglaterra e a Autoridade dos Serviços Financeiros (FSA), que fiscaliza os mercados britânicos, acrescentou Darling.

Diário Digital / Lusa

17-02-2008 17:11:00

[hugangelo]

Northern Rock to Be Nationalized By U.K. Government

Feb. 17 (Bloomberg) -- Northern Rock Plc, the U.K. bank bailed out by the Bank of England, will be nationalized after efforts to sell the struggling bank to a private company failed, a person familiar with the matter said.

U.K. Chancellor of the Exchequer Alistair Darling will make an announcement about the lender at a press conference at 4 p.m. London time, the Treasury said in an e-mailed statement today. The person familiar with the matter declined to be identified because an official statement has not yet been made.

The decision marks the first time since 1984 that the government has taken control of a bank. It is a blow to Prime Minister Gordon Brown's Labour government, which has been criticized for bungling a rescue for the bank in September and had been looking for a private buyer since.

``If you nationalize Northern Rock you don't actually solve the problem,'' Philip Hammond, a lawmaker in Britain's Conservative opposition who speaks on Treasury policy, said before the decision. ``You are still back with the problem of, `what do you do?' Trade it? Break it up? Sell as a single entity? Nobody envisions a lengthy period of public ownership.''

The decision will leave ministers at the Treasury responsible for a bank that had 113 billion pounds ($222 billion) in assets and 6,500 employees in June. The company's balance sheet already has been added to the public finances, boosting Britain's debt burden above 40 percent of gross domestic product for the first time since the Labour government took office in 1997.

Credit Lines Dried Up

Northern Rock tapped U.K. authorities for financing in September after its credit lines in financial markets dried up, creating the first run on a British bank in more than a century. The bank's management and billionaire Richard Branson's Virgin Group Ltd. both had made offers for the company.

Darling said in a Feb. 13 BBC radio interview that he wanted to reach a private sale, though he would not rule out a ``short- term'' nationalization of the Newcastle-upon-Tyne, England-based lender.

The U.K. has made about 55 billion pounds in loans and guarantees to the bank since September.

A call to the cellphone of Northern Rock spokesman Brian Giles wasn't immediately answered.

http://www.bloomberg.com/apps/news?pid= ... refer=home

in bloomberg

[ojardineiro]

O governamento tinha dado ate hoje para entregar as ofertas. O destino do banco em dificuldade se jogara entre o grupo liderado por Virgin e com Mr Paul Thompson um dos cadros do banco em dificuldades

[J R]

Para que hoje não se fale só de desgraças venho lembrar esta acção que mantenho desde que comecei este tópico.O NR hoje recuperou 46,12% Não vejo nem nunca vi este banco como um banco falido mas sim sem liquidez muito empolada pela corrida dos depositantes aos balcões.O que aconteceu ao NR teria acontecido aos melhores não fosse o caso das grandes injecções dos bancos centrais na Europa e EUA,claro que os ingleses com a mania de serem diferentes não reagiram a tempo e o NR afundou.
Continuo investido.

[acintra]

January 14, 2008

Nationalisation looms for Northern Rock as potential chief namedPhilip Webster, Political Editor
Thousands of anxious Northern Rock shareholders will gather tomorrow with the shadow of nationalisation looming larger.

Any doubts that Gordon Brown and Alistair Darling are prepared if necessary to take the ailing bank into public ownership were removed at the weekend with the news that Ron Sandler, a City heavyweight who was once head of Lloyd’s of London, has been lined up as provisional executive chairman to run the organisation for the Government if it becomes necessary.

The latest disclosure of contingency planning for the nationalisation option was clearly designed to put pressure on shareholders to accept a viable private sector bid and resist attempts tomorrow to restrict the board’s ability to sell assets.

Taxpayers’ exposure to Northern Rock has already exceeded the £50 billion mark, with the bank having borrowed £25 billion from the Government which has also extended guarantees worth at least another £25 billion.

Background
Goldman Sachs steps into Northern Rock crisis
‘We did not let down our investors’ says chairman
Northern is not just a bank, it’s our bank
Northern Rock still lending ‘recklessly’
Star investor stays bullish on banks

Man who stepped into limelight on a dark day
Alistair Darling, the Cabinet stalwart who shunned headlines, has become the Chancellor facing down a grave economic crisis

Narrow Squeak

Brown points way to election fight
In an exclusive interview, the PM explains why ‘intensifying’ health service reforms will be the cornerstone of his appeal

The most damaging run has been on our trust in you, prime minister
Full transcript: Gordon Brown interview
The Trivial Pursuit question Gordon is wary of asking voters
Related Internet Links
Northern Rock company information
Northern Rock share price charts
Northern Rock company forecasts
Related Links
Northern Rock: the end game
Business big shot: Ron Sandler
David Cameron said yesterday that nationalising Northern Rock would be “the most complete humiliation and failure for the Government”.

Senior government sources told The Times that a Treasury announcement this week on Northern Rock’s future was unlikely, and that the search for a private sale went on.

Ministers clearly hope that shareholder opposition to bids from Sir Richard Branson’s Virgin Group and Olivant, the private equity group, would diminish if they believed that nationalisation was the only alternative. But tomorrow the board of Northern Rock will attempt at an extraordinary general meeting to fight off demands from shareholders for a greater say in the bank’s future.

The investors are expected to flock to the Metro Radio Arena, in Newcastle upon Tyne, to vote on proposals that Bryan Sanderson, the Northern Rock, chairman has described as “potentially damaging”.

The hedge funds SRM Global and RAB Capital, which own about 18 per cent of the lender, want to limit the board’s ability to sell assets and issue shares without special shareholder approval. They say they want to protect shareholders’ rights, although the board — which is urging investors to vote against — has said that the measures could tie its hands over a rescue.

The board is also facing fury tomorrow over the disclosure that it has implemented a generous bonus package for senior staff. The company has described the scheme, under which staff can get a quarter of their annual gross salary in bonuses every three months, as essential to retaining personnel vital to getting the bank through its present problems.

The recruitment of Mr Sandler, who was approached by the Treasury in November, indicates that contingency plans for Northern Rock are well advanced. He said yesterday: “In the event of nationalisation, I have agreed I will go in as executive chairman.” His role would be “to get things stabilised, to make sure the bank has proper plans in place”.

If Mr Sandler is appointed, it will not be the first time that he has been parachuted into a difficult business situation. As chief executive of Lloyd’s of London he received credit for bringing the insurance market back from the brink of collapse.

Virgin and Olivant, the potential suitors for the bank, are said to be struggling to secure financing. Limiting the board’s ability to issue new shares would also have a bearing on the Virgin and Olivant rescue bids because both involve rights issues.

The bank has borrowed about £26 billion in emergency funding from the Bank of England so far, although it sold more than £2 billion of mortgages to JP Morgan — the American investment bank that has just hired Tony Blair — to ease its burden.

Speaking on Andrew Marr’s programme on BBC One, Mr Cameron criticised the Government’s handling of Northern Rock. He said that a potential offer from Lloyds TSB for Northern Rock should have been considered more carefully.

The Tory leader also alleged that advice from City experts to sell the bank as soon as possible had been ignored for political reasons. “I rather suspect that because of the planning for the early election the Government didn’t want to take a decision,” he said.

Bank in the balance

Sept 13 News that Northern Rock has sought emergency funding from Bank of England (BoE)

Sept 14 Run on Northern Rock by customers; shares fall 31 per cent

Sept 17 Alistair Darling pledges government guarantee of all deposits; shares tumble

Sept 20 BoE pumps £10bn into long-term money markets

Oct 9 Guarantee to customers extended to cover all new deposits

Oct 19 Matt Ridley, chairman, resigns; Bryan Sanderson, CBE, replaces him

Nov 26 Consortium led by Sir Richard Branson’s Virgin Group named as preferred bidder

Dec 7 The Olivant Group enters race to take control

Dec 13 Adam Applegarth, CEO, leaves; Andy Kuipers takes over

Jan 7 Goldman Sachs presents Government with proposals for a £12bn-£15bn Northern Rock bond issue to be underwritten by BoE

Jan 11 Northern sells £2.25bn of equity release mortgages to J P Morgan; money goes to BoE to repay part of £26bn of loans

Jan 12 Treasury signs up Ron Sandler to head Northern Rock in event of its nationalisation

[Keyser Soze]

Secret bonuses double salaries of Northern Rock staff (while our billions are propping it up)

By GLEN OWEN - More by this author » Last updated at 01:13am on 13th January 2008

Senior staff at beleaguered Northern Rock have received secret bonuses doubling their salaries – at a time when the bank is being propped up by billions of pounds of taxpayers' money.

Last night shareholders and customers condemned the decision to 'reward' the people involved in the biggest banking crisis in modern British history with annual payouts of up to £100,000 each.

They accused the recipients, who range from senior managers to management board directors, of siphoning money out of the bank as it hovers on the brink of collapse.

The confidential payouts, which total £2.3million for this month alone and were known about by the Treasury, are detailed in company documents seen by The Mail on Sunday.

The disclosure will put further pressure on the bank's management as it prepares for an emergency shareholder meeting on Tuesday.

It will also add to the Government's political difficulties over the issue.

As Chancellor Alistair Darling battles to avoid the "nuclear option" of nationalising Northern Rock, City experts are warning that Britain's international reputation for economic management is being seriously damaged.

In a letter to senior staff on December 20, chief executive Andy Kuipers said the bank's board of directors had agreed "an enhanced remuneration package" for employees deemed "essential to our continuing excellent operational performance".

He said they will receive a bonus amounting to a quarter of their gross annual salary every three months – effectively doubling their pay if they are paid the bonus for a year.

The arrangement can be withdrawn only with three months' written notice, so the employees are guaranteed at least six months' extra pay.

The payouts are capped at £25,000 per quarter and take effect from this month. The formula means that some staff – those earning £100,000 or less – could double their pay.

Mr Kuipers, who replaced Adam Applegarth as chief executive last month, stressed that the arrangement "will not be offered to the generality of staff and, as such, must remain absolutely confidential to yourself and not be discussed with others.

"If you do discuss the existence of this bonus to any third party then you will forfeit your entitlement."

So far, 173 staff out of a workforce of 6,000 have been awarded bonuses.

These include £19,500 to Derek Robinson, the head of credit investments, and three management board directors who are said to have reported directly to Mr Applegarth – Michael Smith, Lesley Sewell and Nigel Mushens. They each received the maximum £25,000.



Carl Flinn, who took over from treasurer Keith Currie in October, also received a £25,000 bonus, as did Paul Rippon, who has the unfortunate title of operational director (credit risk).

Last night Brian Giles, Northern Rock's communications director – who also received £25,000 – said: "We never comment on confidential internal matters."

Later, he called back to say: "As part of the company's stabilisation process, it has implemented a retention policy for a number of staff with particular technical or specialist skills.

"They are deemed essential to the immediate and ongoing stability and operational effectiveness of the company.

"The board considers this to be responsible and prudent business practice, particularly given our current situation, and is a matter on which the tripartite authorities have been fully appraised."

The tripartite authority is the name given to the regulatory powers of the Treasury, the Bank of England and the Financial Services Authority when used in unison. The FSA regulates the providers of financial services.

Mr Giles added: "The retention scheme was implemented by the board before the appointment of Andy Kuipers as chief executive."

Asked to confirm that a system which paid a bonus of a quarter of their salary every three months allowed workers earning £100,000 or less to double their salary, Mr Giles said: "I will not be going into the confidential details of the package."

Philip Hammond, Shadow Chief Secretary to the Treasury, said: "This desperate move to hang on to key staff adds yet more to the mounting cost of Alistair Darling's dithering and delay over Northern Rock.

"Every pound spent in this way is a pound of taxpayers' money less likely to be repaid."

The turmoil began in September when Northern Rock was forced to borrow £3 billion from the Bank of England after running out of liquidity as a result of its exposure to high-risk sub-prime mortgages in America.

The news led to panic among its customers, and the following day people queued around the block to withdraw their savings, taking out more than £1billion in a day.

As the panic spread, and with the share price in freefall, Mr Darling said the Government would guarantee all deposits held at the bank.

The Rock owes £26billion to taxpayers, and that could rise closer to £50billion if a buyer cannot be found.

Yesterday, a Northern Rock employee who missed out on the bonuses said attempts by the company to keep the payments quiet was an attempt to "buy people's silence".

He said: "It has really damaged morale on the ground floor. Since the trouble started they have cut loads of short-term contracts and ended placements – but they are paying out these sums to the top people.

"A friend who has just had his contract stopped could have been paid for six months out of just one of his boss's bonuses.

"It is robbing the poor to pay the rich, and the fact they have made such a clumsy attempt to keep it quiet shows how guilty they are."

The Chancellor has set a deadline of the end of February for the withdrawal of Government support for the bank.

But hopes that the private sector would come to the rescue have receded after a cooling of interest from Sir Richard Branson's Virgin group and other potential bidders.

The extraordinary meeting of shareholders on Tuesday has been called by two hedge funds, RAB Capital and SRM, which between them own almost 18 per cent of Northern Rock.

With fears growing that Mr Darling will be forced to liquidate Northern Rock, nationalise it and sell off the assets, the investors are demanding that the Government give them a say in the bank's fate.

Ministers' embarrassment has been compounded by a leaked memo from Jim O'Neill, the chief global economist at Goldman Sachs bank, which said Britain's reputation as the world's leading financial centre has been "badly dented" by Northern Rock.

His warning that it could inflict as much damage on the economy as the Black Wednesday meltdown in 1992 is galling for Ministers because the bank is advising the Treasury over the disposal of Northern Rock.

Last night Matthew Elliott, of the Taxpayers' Alliance, said: "With taxpayers having lost so much money in the Northern Rock crisis and being liable for many billions more, the top officials at the bank shouldn't be receiving a penny in bonuses.

"This is a typical case of a few fat cats living large at taxpayers' expense while ordinary families are expected to foot the bill."

Robin Ashby, of the Northern Rock Small Shareholders Association, said:

"While there is some argument for a few key talents to be paid retention bonuses, these sums would appear to be disproportionate, to put it mildly.

"That – and the secrecy involved – highlights the directors' poor stewardship of the company."

The Treasury is lining up the former boss of Lloyd's of London, Ron Sandler, to lead Northern Rock if it is nationalised.

[acintra]

December 14, 2007

Luqman Arnold given equal footing with Virgin in auction battle for the RockChristine Seib
Virgin Group was stripped of its preferred bidder status in the battle for Northern Rock last night after rival Olivant threatened to walk away unless it was put on an equal footing with Sir Richard Branson’s company.

Northern Rock agreed to the measure at a meeting with representatives of the Treasury, the Bank of England, the Financial Services Authority and the bidding consortium, which is led by Luqman Arnold, the former chief executive of Abbey. In exchange, Olivant agreed to remain in the auction until at least mid-January.

Mr Arnold had said that he would pull his bid for the troubled mortgage lender unless Northern Rock allowed him the same access to the banks funding Virgin’s bid. He also demanded that the Rock speed up its sale, fearing the slow process was damaging brand and customer loyalty.

The decision came as Sir Richard warned shareholders to drop their objections to his bid or face seeing the bank nationalised. Investors prefer Olivant because it values their shares at closer to £1 each rather than the 25p Virgin has put on the table.

Related Links
Rock rescue doubt as bidder threatens to walk
Olivant threatens to abandon Rock bid
Sir Richard told Channel 4 last night that “shareholders have to realise that if Virgin doesn’t get this away it’s likely no one will get this away, and it’s likely that it will end up being nationalised and the shareholders will get nothing”. He said the chances of saving the bank were better than fifty-fifty. “We are doing everything we can to save it,” Sir Richard said.

In a preclose statement yesterday, the Rock unveiled a £281 million write-down on sub-prime mortgage investments, including a £118 million hit on structured investment vehicles (SIVs) and a further £32 million from higher-risk SIV-lites. It did not change its September forecast of underlying pretax profits in 2007 of between £500 million and £540 million.

Meanwhile, Andy Kuipers, Northern Rock’s sales and marketing director, yesterday replaced chief executive Adam Applegarth with immediate effect but the move failed to comfort shareholders, who saw the bank’s stock plunge more than 13 per cent.

Mr Kuipers, 49, was a member of the board that oversaw the bank’s heavily criticised funding model. Chairman Bryan Sanderson said that he was “delighted” by the promotion but Northern Rock shares closed down 13.2p at 86p.

The bank said Mr Applegarth’s pay-off would be “substantially less” than he would have received had he been sacked. He is expected to get less than six months’ pay and has agreed that it will be in monthly instalments.

Analysts said yesterday’s trading statement provided little clarity. Keefe, Bruyette & Woods said: “We maintain the view that the stock is best avoided pending more information or a successful out-turn.”

[tghmc]

MERCADOS Publicado 12 Dezembro 2007
FTSE 100 poderá sofrer a maior reformulação desde o “crash” das “dot-com”
Um total de sete cotadas poderão sair do FTSE 100, dando lugar à entrada de outras tantas empresas. De acordo com a edição de hoje do “The Times”, o índice britânico poderá sofrer a maior reformulação desde o “crash” das empresas tecnológicas, as “dot-com”, em 2001.

Um total de sete cotadas poderão sair do FTSE 100, dando lugar à entrada de outras tantas empresas. De acordo com a edição de hoje do "The Times", o índice britânico poderá sofrer a maior reformulação desde o "crash" das empresas tecnológicas, as "dot-com", em 2001.

Segundo a mesma fonte, entre os candidatos à saída do "benchmark" britânico estão o banco Northern Rock, a construtora Barratt Developments, a retalhista de bens electrónicos DSG International, o Daily Mail & General Trust, a Tate & Lyle, a Mitchells & Butlers e a Punch Taverns.

A Cairn Energy e operadora turística Thomas Cool Group estão entre as potenciais candidatas à ascensão ao índice de referência, revela o "The Times", não revelando onde obteve a informação.

A confirmarem-se estas alterações, com a saída de sete cotadas, esta será a maior revisão do índice desde 2001. Depois do "crash" das "dot-com", e também do ataque às Torres Gémeas, foram retiradas do FTSE 100 um total de oito empresas.

[acintra]

Creio que está á beira do fim. Já falam mal da unica hipotese...

Northern Rock Boss To Step Down
Updated:08:55, Thursday December 13, 2007

Northern Rock's chief executive Adam Applegarth is to leave the bank immediately.

Northern Rock boss Applegarth to goAlthough it was known he was going to go in the New Year, his departure has been surprisingly brought forward.

News of his departure was given as the bank revealed it was going to have to write off £281m in connection with the credit crunch which saw the bank's value plummet.

Meanwhile, pressure is growing on the Northern Rock board after one of the two bidders for the bank threatened to pull out unless a takeover decision is made before Christmas.

Olivant, which is now going head-to-head with Richard Branson's Virgin, has given the Rock's board until the end of the week to promise a final decision before December 25.

Advertisement

It also wants to talk directly to Citigroup and Deutsche Bank about getting a loan of up to £15m to repay money paid in by taxpayers.

The investment group has written to the Northern Rock Board accusing them of trying to sabotage the deal.

The letter demands that the Northern Rock board stops the underhand tactics and makes a decision or the offer of a deal will be withdrawn.

It believes if the deal drags on until January or February more money will be withdrawn by customers and staff morale will deteriorate even further.

If Olivant pulled out only the consortium led by Sir Richard Branson and Virgin would remain, leaving many shareholders angry.

Acting Liberal Democrat leader Vince Cable on Wednesday in Parliament verbally attacked Sir Richard.

"I don't want to run the man down. But it has now been pointed out that Mr Branson does have a criminal record for tax evasion."

[acintra]

December 13, 2007

Adam Applegarth exits Northern Rock six weeks early
The former chief executive goes amid signs a rescue deal is falling apart. Andy Kuipers, a 24-year veteran of the bank, takes chargeMiles Costello
Adam Applegarth, the chief executive of Northern Rock, has quit "with immediate effect", parting company with the stricken mortgage bank almost two months earlier than expected.

The bank said it was replacing Mr Applegarth with Andy Kuipers, a 24-year veteran of the bank, "in order to hand over to management who have a future at the company".

It said: "Andy has very detailed knowledge of Northern Rock, having been at the company for 20 years. He has previously been responsible for sales, marketing, products, pricing and retention. He has recently been intimately involved in the strategic review process and so is very familiar with the situation.

"With Adam leaving Northern Rock, Andy is the best person to be CEO through this period."

Related Links
Rock rescue doubt as bidder threatens to walk
Olivant threatens to abandon Rock bid
Race for Northern Rock down to two
Mr Applegarth, 46, worked at the Newcastle-based bank for 24 years. He was responsible for its disastrous strategy of ramping up its market share of mortgages and a reliance on the wholesale markets that ultimately forced it to borrow more than £25 billion in emergency funding from the Bank of England.

Mr Applegarth, who had already said he would be leaving the bank, was expected to stay on until the end of January. The 39-year-old executive will still receive a bonus this year, although the bank said it would be "substantially less" than he received last year.

He was paid £1.36 million last year, including a cash bonus of £660,000.

Mr Kuipers will take charge of the bank's strategic review, which the group said today will still be completed by next February. He will work with Bryan Sanderson, the chairman.

He arrives as the bank battles to keep rescue plans alive.

The Rock has already named Sir Richard Branson's Virgin Group as its preferred bidder, but was also being courted by Olivant, an investment firm run by Luqman Arnold, the former chief executive of Abbey National.

Olivant has threatened to drop its interest in Rock by the end of today unless it is granted to full access to the lending banks it needs to secure funding for its plans.

Mr Kuipers is understood to have been one of several Rock executives earmarked by Olivant to play a role in its recovery strategy. It is not clear whether Mr Arnold, who had hoped to be executive chairman, had intended to install Mr Kuipers as his own chief executive.

Northern Rock said it continued to pursue accelerated talks with Virgin but had also engaged with other parties, including Olivant. Previous private equity bidders JC Flowers and Cerberus have fallen away.

In an update on its credit markets exposure today, Northern Rock said it would take a £281 million impairment charge on its portfolio of highly structured investments known as collateralised debt obligations.

It also said it would take a £118 million loss on its exposure to £319 million of structured investment vehicles (SIVs).

Rock shares fell 4.6 per cent, down 4.6p at 94.6p.

[acintra]

Race for Rock down to two as Cerberus drops out of runningChristine Seib
The battle for Northern Rock has been whittled down two bidders, after Cerberus, the American private equity firm, dropped out of the running for the troubled bank.

Sources close to the bank said that only two bids were being seriously considered by the Northern Rock board and its advisers. Virgin Group remains the preferred bidder, but shareholders favour a proposal from a consortium led by Luqman Arnold, the former Abbey National chief executive.

Northern Rock is expected to update the market within days on the effect on itgs finances of the credit crunch. The bank promised in September that it would issue a pre-close statement in “early December”.

Sir Callum McCarthy, chairman of the Financial Services Authority, emphasised how narrow the race to buy the bank had become when he testified yesterday at a hearing of the Treasury Select Committee.

Related Links
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The watchdog’s chairman dismissed a suggestion by the committee that nationalisation was the best way to deal with the bank, which owes the Bank of England an estimated £29 billion after it was unable to obtain funding in the inter-bank market.

Sir Callum said: “We’ve got at the moment two proposals that don’t require nationalisation. It’s important that these two proposals are investigated and pushed through without resorting to legisation”. He added that the FSA was “working very hard to discharge our duties” on the bids.

The bank is also continuing to work on the legal details of an extraordinary general meeting called by its two largest shareholders, the hedge fund managers SRM and RAB Capital. The funds want Northern Rock to be forced to seek shareholder approval before disposing of more than 5 per cent of the bank’s assets.

Sir Callum and Hector Sants, the FSA chief executive, yesterday made their second appearance in front of the Select Committee as part of the committee’s investigation into the credit crunch. The pair were asked whether the Government should have waved through a takeover of the Rock by Lloyds TSB. The high-street bank approached Northern Rock during the early weeks of its funding crisis, but wanted a loan of up to £30 billion from the Government to finance the deal.

The Chancellor and the Bank of England refused to permit the loan because of fears of contravening competition rules, but later said that the unlimited credit line given to Northern Rock would be extended to potential buyers of the bank. They were subsequently criticised for scuppering a bid, only to result in the more difficult auction that has since occurred.

Sir Callum said yesterday: “It’s very difficult to form a judgment \ because it wasn’t as cut and dried as it’s been made out, as if there was a complete proposal on the table.”

Mr Sants contradicted the claims of Matt Ridley, the former Northern Rock chairman, to an earlier committee hearing that the bank had alerted the regulator to its financial difficulties. “My understanding is that we contacted them first,” Mr Sants said.

“We always knew the funding model of Northern Rock and from the moment we set up our special process \ on August 10, we were interacting with firms that we saw as having issues”. The regulator was accused by Michael Fallon, the Conservative MP for Sevenoaks, of failing to discharge its responsibilities in regard to Northern Rock. “We’ve had the worst banking crisis in 100 years. Someone failed,” Mr Fallon said.

Mr Sants said: “We’re in no way not acknowledging the fact that our supervisory engagement with Northern Rock up to July should have looked into these scenarios and, on reading the files, it didn’t.”

The FSA will issue a discussion paper on the liquidity crunch by the end of the year. It will release a forensic review of its regulation of Northern Rock in March next year.

[acintra]

Ontem apesar de não ter havido noticias importantes sobre o NR, desceu do valor psicológico dos 100 GBp. Hoje com o medo de novo instalado e com esta noticía em que um dos interessados coloca um prazo apertado para a decisão ou salta fora.
Na minha opinião está tudo feito para ganhar a pior proposta que ´+e a da Virgin e de Sir Richard Branson. Não é so no nosso burgo que as coisas são escuras e desviadas.

December 13, 2007

Rock rescue in doubt as one of two bidders threatens to walkChristine Seib, Sam Coates and Susan Thompson
The rescue of Northern Rock was thrown into doubt last night when one of the two bidders for the bank threatened to walk away from the auction.

In a letter sent to Bryan Sanderson, Rock’s chairman, the Olivant bidding consortium issued two demands: full access to the banks financing Virgin Group’s rival bid for the Newcastle company; and a decision on the winning bidder to be made by Christmas. Olivant, led by Luqman Arnold, the former Abbey chief executive, issued the ultimatum after Mr Sanderson said on Monday that the outcome of the auction would not be finalised until the new year. A decision had been expected by Christmas.

The latest blow to the troubled bank came only a day after another bidder, Cerberus, the American private equity firm, dropped out of the race. JC Flowers, another private equity firm, pulled out of the auction last week.

Mr Arnold is thought to fear that a lengthy sales process will do increasing damage to the bank’s brand and customer loyalty, making it more difficult for the bidders to secure funding.

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At least three investment banks, led by Citigroup, have said that they will provide the estimated £30 billion in financing needed to buy and run the Rock, although none of them have signed binding agreements to do so.

Mr Arnold has asked Mr Sanderson for a “prompt decision” on the two issues he raised and threatened to drop his acquisition proposal if Rock does not meet his demands.

Virgin is the bank board’s preferred bidder, but shareholders favour the Olivant offer because Mr Arnold has offered to buy a minority stake in the bank for the present share price. Northern Rock stock closed down 5.2p yesterday at 99.2p a share. Virgin’s bid is worth closer to 25p per share.

The news came as Gordon Brown hinted yesterday that the Government was considering nationalisation before selling Northern Rock. In an interview with The Times, he said that all options were on the table, but added: “Remember, those people who are proposing nationalisation are proposing it only as a means to get into the private sector.”

Asked whether he thought it might be appropriate, he said that he was interested in the “eventual” outcome being the sale of Northern Rock to a private bidder. “The eventual outcome whatever way you look at it is to move into the private sector,” he said.

This came as Vince Cable, the acting Liberal Democrat leader, said that neither of the leading bidders for Northern Rock was “remotely capable” of raising the money required to take over the bank. Mr Cable faced angry charges of “running down” Northern Rock as he called for temporary nationalisation as the best means of protecting £30 billion worth of loans extended by the Government.

[acintra]

December 11, 2007

Savers will have to bear suspense over holidaysMiles Costello
Northern Rock’s embattled savers will have to wait until next year to find out the future of their mortgage bank, its chairman confirmed yesterday.

After a weekend awash with rumours about delays in the timetable for finalising financing for a new owner, Bryan Sanderson said in a radio interview that no action would be taken “this side of Christmas”.

Banks being lined up to provide funding for a repayment of as much as £15 billion of the Rock’s Bank of England borrowings signalled at the weekend that they were not yet ready to commit financing to either of three potential buyers.

Sir Richard Branson’s Virgin Group is the Rock board’s preferred bidder, but Virgin faces competition from Olivant, an investment firm run by Luqman Arnold, the former chief executive of Abbey National, the mortgage lender. It is thought that a third bidding consortium led by Cerberus, the buyout firm, is waiting in the wings with a bid that would be fronted by Jonathan Bloomer, the former boss of Prudential, the insurer. Sources indicated yesterday that Cerberus, if still interested, was a way behind the other bidders.

All three buyers would repay at least £10 billion of the Rock’s debt to the Bank immediately.

The delay will be seen as a blow to Virgin, which has stated its desire to formalise its bid plan before the Christmas break.

Northern Rock said: “Things are progressing well, but as Mr Sanderson indicated it is unlikely that there will be any definite conclusion before Christmas. This is entirely consistent with previous guidance that we expect the process to be completed by February.” Rock shares fell 0.6p to 110p.

[acintra]

December 11, 2007

Northern Rock investor gives profit warningMiles Costello
RAB Capital, the hedge fund that is Northern Rock’s second-largest shareholder, issued a surprise profit warning yesterday as a slump in the value of its equity investments looked set to wipe out growth in performance fees.

The London-listed hedge fund, which holds a 6.7 per cent stake in the stricken mortgage bank, said that growth in profits would almost certainly be wiped out this year, because of a slide last month in small-capitalisation equities.

Michael Alen-Buckley, the executive chairman of RAB, said that the British small-cap sector had fallen by 14 per cent in November. He noted that the sliding equity values had hit RAB’s $2.3 billion (£1.1 billion) special situations fund and its $1.5 billion energy fund, large chunks of which are invested in small-cap mining and development companies.

This would translate into an inevitable reduction in performance fees, he said, and, given how close the firm was to the end of its financial year, it would be unreasonable to imagine that the investments would recover in time.

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“If you look at the history of the fund, there have been three previous occasions where it has suffered a setback,” Mr Alen-Buckley said. “As it happens, in previous periods these setbacks have taken place earlier [in the year]. Given where we are in the financial year — our end is on December 31 — the chances of us clawing back the lost performances this time are not good.”

Shares in RAB, one of the few listed hedge funds, fell by as much as 5 per cent to 77p before closing ½p, as analysts rushed to downgrade their forecasts. They had pencilled in pre-tax profits of as much as £70 million.

At one point, as much as £20 million was wiped off RAB’s market value, as investors digested that profits this year would come in at about £50 million. Market observers also highlighted how exposed RAB was to performance fees in general. In keeping with other hedge funds, RAB typically charges a management fee of 5 per cent plus a 20 per cent share in the performance of the assets being managed.

Fintan West, a Cazenove analyst, said: “Clearly, the volatility of performance fees will continue to be an issue, but we would highlight that gross performance fees in the current year, on our estimates, will still be almost £59 million on revenues of £110 million, and so the problem is one of a shortfall against high expectations rather than one of an unwinding of the business model.”

Mr West downgraded his full-year profit forecast on RAB to £48.6 million last week, halving his expectations for performance fees.

The profit warning yesterday was the latest setback for the special situations fund, which was set up and is run by Philip Richards, the chief executive of RAB. The fund also holds shares in Northern Rock, the embattled Tyneside-based lender that is the focus of at least three serious rescue plans. Mr Richards has voiced his support for a proposal put forward by Olivant, an investment firm run by Luqman Arnold, the former chief executive of Abbey National.

As a Northern Rock investor, RAB is second in its stake’s size to SRM Global, a hedge fund that is run by Jon Wood, a former trader at UBS, who has also thrown his weight behind the Olivant plan.

Having paid an estimated £2 a share for its Rock holding, RAB is estimated to be sitting on a paper loss of about £35 million on its investment in the bank.

A continued slump in the value of RAB’s investments could jeopardise bonuses for the hedge fund’s portfolio managers, who will be paid based on their performance. Salaries for RAB staff are capped at £100,000.

Mr Richards was among the City’s highest-paid executives last year, collecting a salary, bonus and long-term performance package worth £19 million. He is also one of the Square Mile’s biggest charitable donors.

[Pata-Hari]

é muito arriscado investir em algo falido, sim....

[J R]

Embora tenha começado este tópico já á muito tempo que não apareço mas continuo a acreditar que o NR não vai ser um negócio perdido.Esta ultima história da nacionalização foi uma maneira do governo apressar uma solução que vai ser benéfica para todos,mas os compradores estão a fazer os impossiveis para comprar a "carcaça" o mais barato que puderem.Depois de alguém comprar o NR deve haver um aumento de capital para que todos os acçionistas entrem com o esforço financeiro para levantar o NR.Se a situação se resolver espero manter as acções até fim de 2008 e retirar um bom lucro.

[suavemar]

Hoje entrei neste titulo. Li que apareceu outro interessado além da virgin, não posso fundamentar a minha entrada foi um impulso.
Desde 1995 que ando nestas andanças e tenho recompensa quando entro em baixa.
Em alta já entrei em empresas com bons fundamentais e entalei-me, por entrar em maximos.
Se isto não fechar as portas e pelos interessados não deve acontecer pode acabar por ser boa compra.
Confesso que é uma decisão que me está a causar ansiedade, mas agora que o fiz resta-me aguardar o desfecho.
Buffet diz que devemos dormir descansados e que o mercado serve para nos servir, não para nos tirar o sono, teimo em não aprender importantes lições.

[acintra]

Vendi a 111,35GBp, já estava em stress e com os olhos em bico.
Aguardemos mais noticias para a próxima semana.

[acintra]

Hoje entrei neste titulo, mais por impulso do que entrada fundamentada,O qual a vossa opinião sobre entrada neste titulo uma vez que a queda já é de 90%?

Muito cuidado com o NR, anda ao sabor das noticias de quem está interessado em comprar e quanto dá.
Tem volatilidades que chegam aos 30% a 40% para baixo ou para cima.
Não faz bem ao coração e recomendo para quem quer apenas o day-trade e mesmo assim com o olho sempre no monitor.
Pode dar alegrias mas tb dá desgraça...