Public Meeting for Shareholders

A meeting for Bradford & Bingley shareholders and bondholders was held in London on Saturday the 10th October 2009 (picture right).

About 150 investors who feel they have been disadvantaged by the banking crisis and the nationalisation of the company attended the meeting at St Columba’s Church in Pont Street, London.

This was a great opportunity for shareholders to get an update on what this Group has been doing on behalf of shareholders, and to enable them to ask questions, but there were also a number of speakers.

Mr Clokey, the independent valuer, stated that his personal ambition was to conclude the valuation process within a year. He emphasised that he was truly independent and although he was being paid by the Government the costs of the exercise would not be charged to the company (and hence would not reduce the possible payout).

A full report of the meeting is present in this document: B&B_Meeting_Report. A copy of the presentation to the meeting by Roger Lawson is present in this document: B&B_Meeting_London. 

The speakers at the meeting were: 

Peter Clokey is a partner of Price Waterhouse Coopers (PWC) and has been appointed as the independent valuer under the Bradford & Bingley Compensation Scheme. He explained his approach to the valuation. The BBAG will cooperate with Peter Clokey and his team in providing any information which he requires and that is at our disposal. Mr Clokey is Deputy Chairman of the ICAEW’s Valuation Special Interest Group of Chartered Accountants and before joining PWC was Corporate Finance Director, Lloyds Merchant Bank Ltd, and Director, Investment Banking at Standard Chartered Merchant Bank Asia Ltd.

Susan Kramer LibDem MP for Richmond who has signed John Thurso’s Early Day Motion noting the Government’s decision to bring B&B into public ownership and calling on it to review the decision to cease payment of interest on the subordinated debt. She served on the Treasury Select Committee in 2006 and 2006 when she took up the role as the International Development Secretary for the Liberal Democrat Shadow Cabinet, after which she moved to Trade and Industry and then Transport. Susan first made her mark in politics as the Liberal Democrat candidate for Mayor of London in 2000.

David Blundell, Chairman of the Bradford & Bingley Shareholders Action Group (BBAG). He gave a general progress report on the B&B campaign. David is a former Chairman of the UK Shareholders Association, and has a long background in investment, both professionally and on his own behalf. He is of course a former shareholder in Bradford & Bingley.

Roger Lawson, Communications Director of the UK Shareholders Association (UKSA). He gave an overview of UKSA’s role in the banking crisis to date and how this campaign has been operationally managed. Roger is an active private investor and has managed the UK Shareholders Associations marketing activities as a Director for several years. He has run or been involved with most of UKSA's recent campaigns, and has spoken and written widely on the subject of the recent banking crisis.

The photograph below shows Susan Kramer speaking on the platform.

Previous Meeting In Bingley

About 200 Bradford & Bingley shareholders attended the previous public meeting we held in Bingley on the 7th March 2009. Views of the audience at the previous meeting are shown above and below. A full report on that meeting is present in this document: Meeting_Report