Northern Rock Shareholder Action Group - Some Comments

In January 2008 we asked our contacts among Northern Rock shareholders to give us some comments on what we had been doing. The following are some of those received.

It has been very good to receive your thoughtful and balanced comments, particularly when they are compared to the often hysterical and ill-informed press comment that is so widespread and misleading.  C.C. 

Thanks for the regular updates, they are greatly appreciated. In particular your guidance on voting at the EGM was extremely helpful.  B.R. 

Well done to you! You are doing a first class job looking after the rights of Northern Rock shareholders.  C.B. 

Your reports could not be better.  They are sufficiently in depth and well informed and, as a matter of record, I for one agree entirely with what you say. Please, somehow or other, keep them coming. I certainly appreciate your devoting so much time and effort to this case on our behalf.  Many thanks.  D.B. 

Thank you for your recent update. I appreciate that you are somewhat constrained in expressing your own opinions, but nevertheless find your views of great interest. Keep up the good work and "don't let the bastards grind you down".   G.J. 

In the Spring of this year I was forced to sell all my shares but kept my Northern Rock ones.   What a mistake.  I am a receiver of two small pensions so the £5000 represented a third of my savings. When I hear everyone say "poor taxpayers" I feel quite angry because those of us in the same situation as I am are losing far more. We did not speculate to accumulate, just kept these for a rainy day, and now it has rained on our parade. Thank you so much for all your hard work on our behalf.  G.P. 

Just a comment to say that I have found the shareholder web site very useful - by simply being rational in your comments, rather than creating a melodrama out of a crisis. I could understand that much of what was said on the television was "hype" and nothing more. To receive your calm appraisal was very reassuring; so please may it continue!   G.B. 

Just a short note to express my thanks for all the good work you are doing for the shareholders.   Your updates are very interesting and informative and written in a way that everyone can understand.   J.N. 

I write to you as an unfortunate shareholder of this company which has fallen on the rocks and also as a member of UKSA. Your ceaseless efforts for the benefit of all shareholders of this company, be they UKSA members or not, have been most diligent, factual and effective, plus so far as I am aware, entirely voluntary and unpaid.  This is most commendable and I am sure all of us shareholders in this company are most grateful for your entirely selfless efforts which greatly enhances the merits of UKSA and will no doubt encourage all non-members to join this helpful and effective organisation.  M.R. 

Quite brilliant, we are blessed indeed to have such informed gentlemen in UKSA, thank you!  M.D. 

Your e-mailed updates are to be commended for their reasoned and informative content.  I don’t know how the editors and owners of the “red tops” can sleep at nights. I have sent a donation to support your efforts.  M.C. 

We are very happy with the newsletters as they give, on the whole, a more objective view of events rather than the emotive press coverage.    Without input from the Shareholders Association who knows what the outcome for Northern Rock would be now! Many thanks and please continue.  N.& H. H.  

Thank you so very much for your news letters.  They have explained the exact situation with Northern Rock as it has unfolded. Unlike the press who should really have their knuckles wrapped for causing the “run on the bank,” in the first place.  They have also mislead the public into believing that each tax payer is financially propping up the bank, which as we understand it,  is wholly untrue. It is amazing the number of people who want to see this bank collapse and see anyone with shares as “risk takers” who deserve what they get.  Amazing really, when only a decade or so ago the government were selling off their assets as if they were going out of fashion, encouraging the public to purchase shares.  I thank you for your written clarity which has given me, and others I am sure, the confidence to ride the storm.  P.C. 

Without you we would just be a lot of little voices trying to be heard. United with your help we are a Substantial Army of Voices that will be heard, noticed and listened to and not ignored. P.P.   

Many thanks for another sensible well thought through bulletin. It makes a pleasant change to read something about this debacle that is not engrossed in exaggerated drama and plain misinformation.  T.L. 

I have kept copies of all your releases and I have to say that they are the only reports which I have read on Northern Rock, its problems and the proposed solutions that make real sense.  I agree totally that media reporting is inaccurate, misleading and I would go as far as to say that much of it is a headline grabbing disgrace.  I can say this authoritatively as I have downloaded and read  at least a thousand pages on NRK, sub-prime mortgage problems, securitisation and proposed solutions.  By way of explanation, I spent 30 years in senior management in international banking including being responsible for implementation of a regulatory regime in a major offshore financial centre. An Association such as UKSA is needed to help prevent politically motivated solutions from being steam-rollered over shareholders and Northern Rock employees.  W.B.