Les actions que nous avions n'existent plus, du moins elles ne sont plus cotées car leur propriété a été transféré au trésor de sa gracieuse majesté...le gouvernement devrait présenter aujourd'hui ou dans la semaine un projet au parlement afin de déterminer selon quelles modalités et par quels acteurs la compensation aux actionnaires sera déterminée. L'issue de ce débat sera essentiel pour les différents groupes d'actionnaires et pour les grandes entreprises (notamment d'assurance) disposant d'action dans nrk et qui sont déjà prêts à entamer une procédure judiciaire si le montant proposé est insuffisant. Le consensus des actionnaires est posé sur une indemnisation minimum de 400p par action, correspondant a la fourchette basse de la valorisation des actifs de la banque.
Le gouvernement voudrait pour sa part se baser sur un scénario fiction prenant en comme base la faillite de nrk en quelques semaines SANS appel à la Boe (mais cette aide est attribuée a tout demandeur pour justement éviter une faillite de ce genre...)...ce qui pourrait signifier une compensation très faible...CEPENDANT: le gouvernement a adopté cette position pour dépenser le moins possible et sauver son image. Cette tactique a été adopté suite aux rapports de ses légistes estimant qu'une telle position était défendable. Mais aucune des grandes sociétés d'évaluation n'a voulu s'associer a ce procédé jugé selon eux "indéfendable" et beaucoup trop restrictif.
les avocats des actionnaires l'estiment également illégal...a suivre donc
Signaler un abus
10 mars 2008•12:38
Bonjour à tous,
Je suis nouveau sur BOURSORAMA. Comme vous, je suis ex-actionnaire spolié de NRK. Voici un message que j'ai reçu de l'UKSA (United Kingdom Shareholders Association).
Vous verrez à la fin de ce message un exemple de lettre à envoyer. Je vous invite à l'envoyer à
- Mr Darling
Rt Hon Alistair Darling MP
Chancellor of the Exchequer
1 Horse Guards Road
-Mr Gordon, Prime minister via son website :
Ne traînez pas trop, car ça semble assez uregent
UKSAThe independent voice of the private shareholder
The United Kingdom Shareholders Association Limited. Registered in England No. 45414151
To Northern Rock Shareholders
07 March 2008
UK Shareholders Association
Northern Rock Shareholders Action Group Update No. 27
URGENT CALL TO CONTACT YOUR MEMBER OF PARLIAMENT
The Northern Rock Compensation Order is to be debated by Parliament next week. We believe it is critical if you wish to received fair compensation for the confiscation of your
shares that you express your outrage to MPs as to the basis on which HM Government propose to value Northern Rock shares.
The Compensation Order HM Treasury has stated that an independent valuer will be appointed to determine
compensation for Northern Rock shareholders. However, the Northern Rock Compensation
Order 2008 requires the valuer to assume that Northern Rock:
a) is unable to continue as a going concern; and
b) is in administration.
Both criteria ignore the facts and we consider it ethically and morally unjust for a Government to contrive to fix the terms of compensation in this way. As a result of the above any valuation process will not be objective and independent.
Northern Rock is not and never was in administration.
Northern Rock is and was at all times a going concern. This is because the Bank of England has not asked for the repayment of loans and HM Treasury has not withdrawn its guarantees.
The Chancellor and the FSA have repeatedly asserted that Northern Rock is a solvent company.
The Valuation Process
The Government has stated that the advantage of a truly independent panel is that it would be fair to all stakeholders and avoid expensive and time consuming litigation." This is untrue. The terms of reference in the Compensation Order will mean that the panel cannot value the Company in accordance with conventional standards and practices.
It is a fundamental breach of natural justice for the Government to confiscate property and to dictate the terms of any compensation award to shareholders. This is more acute given that the Governments failings detailed below in managing the crisis materially contributed
to Northern Rocks erosion in value:
The leak (which appears to have come from one or other arm of the Government) to the BBC that the Bank of England was making available lender of last resort facilities to Northern Rock. As presented by the BBC to the public, this resulted in a panic by depositors and a serious erosion of depositors funds;
The dithering by the Government in not wanting to sell Northern Rock to Lloyds Bank
at the time a general election was contemplated;
The charade of courting the private sector to manage Northern Rock while the
Government continually changed the criteria by which it would judge the private
These circumstances are all of the Governments own making and it is now wrong for
the Government to benefit from their own actions and mismanagement without
providing due compensation to Northern Rock shareholders.
What is Required?
MPs need to be persuaded that proceeding to value Northern Rock on the basis set out in the Compensation order will be subject to legal challenge.
A valuation mechanism independent of Government influence in terms of criteria and panel composition needs to be put in place.
Your MP should argue for:
An independent professional valuation panel
The ability of the panel to determine its own valuation criteria.
While private shareholders will be materially disadvantaged by the terms of the Compensation Order they are not the only victims. Thousands if not millions of UK citizens hold shares in Northern Rock through their pension providers and fund managers.
We ask you to contact your local MP (and any members of the House of Lords that you know also), and email or fax them to make representations on this matter in the debates
next week or otherwise. If possible put it in your own words, but if necessary you can use the template that is given later.
You can find out who your MP is and their email address by going to this web page: www.parliament.uk/directories/hciolists/alcm.cfm .
If they dont show an email address, use
this site: http://www.theyworkforyou.com . Please send an email or fax as soon as possible
(dont post a letter as it will be too late).
Note that we advised some European based shareholders of our bank BIC number for
donations but that was given wrongly. The correct number is MIDLGB2162V. The Appeal
Form on our web site has been corrected accordingly.
The BBC have a copy of an interview I gave for Breakfast TV the day after the announcement of nationalisation on their web site - see
Thanks for the volunteers to join our committee, and for the three people who have volunteered to act as representative plaintiffs in any legal actions. A new list of committee
members for this group will be issued as soon as possible, but we would welcome more people who have some spare time to devote to this matter. We would also welcome more people for our media panel (i.e. those willing to talk to the press) who obtained shares in
the original demutualisation of Northern Rock. Please contact me if you can assist.
Communications Director, UK Shareholders Association
Direct telephone: 020-8467-2686
Suggested note to your MP:
Next week Parliament is to debate the Compensation Order that will set the amount paid to
Northern Rock shareholders for the confiscation of their shares. As a former shareholder in the company, and one of your constituents, I have a personal interest in this matter and would like you to make representations on this issue.
In summary, the proposed valuation of my shares is being artificially determined by the Government and is not on a fair and independent basis. They have set the terms of reference so that the result will almost certainly be a negligible valuation. I believe this is unethical and is also a breach of my human rights.
If the Government does not reconsider on this matter I intend to support the UK Shareholders Association who are planning to pursue legal action to gain fair compensation
for shareholders like me.
The key issue is that HM Treasury has declared in the Compensation Order (see ww.opsi.gov.uk/si/si2008/draft/pdf/ukdsi_9780110810058_en.pdf ) that an independent
valuer will be appointed to determine compensation for Northern Rock shareholders.
However, the Order requires the valuer to assume that Northern Rock:
a) is unable to continue as a going concern; and
b) is in administration.
Obviously the company was not in administration at the time of nationalisation, and was, and still is, trading normally and as a going concern (as Government Ministers have repeatedly stated).
Both criteria ignore the facts and we consider it ethically and morally unjust for a Government to contrive to fix the terms of compensation in this way. As a result of the above any valuation process will not be objective and independent. The terms of reference in the Compensation Order will mean that the panel cannot value the Company in
accordance with conventional standards and practices.
We ask that you request that the Government set the terms of reference such that any valuation is not prejudged and that it is on a normal commercial basis, and that the Compensation Order be revised accordingly.
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