NRK Northern Rock

RNS Number:3971O
H M Treasury
20 February 2008



"At 7.30am on Monday the UK Listing Authority issued a notice stating that, in
view of the Government's announcement that it is to take Northern Rock into a
period of public ownership, it had suspended the listing of the company's
ordinary and preference shares. Accordingly there has been no trading in the
shares on the LSE and other organised markets on which the securities were
admitted to trading.

"The suspension of the shares from listing and trading on markets does not
operate to prevent bilateral off market or OTC trades. However, the Banking
(Special Provisions) Bill introduced on Tuesday, and associated compensation
order, provide that compensation payable in respect of shares in Northern Rock
will be payable to persons who held them immediately before the transfer into
public ownership takes effect. It is intended that the necessary order to
transfer shares in Northern Rock will come into effect shortly after Royal
Assent is granted to the Bill. Accordingly, those persons effecting bilateral
off market or OTC trades should be aware that, given normal settlement periods,
and depending upon the process for passing the necessary legislation, there is a
risk that off market and OTC trades undertaken following the Government's
announcement may not be settled at the time that the shares are acquired under
the proposed legislation. In this event, the buyer under any such trade will not
be a holder at the relevant time and will not be entitled to claim compensation
from the Treasury in respect of the relevant shares.

As announced by the Treasury on 21 January 2008, the principles for assessing
compensation, which are set out in the draft Bill, reflect the principle that
the Government should not be required to compensate shareholders for value which
is dependent on taxpayers support and the fact that public sector ownership is
an alternative to an administration of Northern Rock.

Persons dealing in shares of Northern Rock, or instruments referenced to such
shares do so entirely at their own risk."



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END

STRPUUBWPUPRGWU

Northern Rock (LSE:NRK)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024

Northern Rock (LSE:NRK)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024