Nationalisation Costs Major Shareholders About Pounds 170m

Summary

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NORTHERN Rock's two biggest shareholders face combined losses of around Pounds 170m following the nationalisation of the stricken mortgage bank.

SRM Global and RAB Capital began amassing their respective 11.5pc and 8.8pc stakes - at an average of Pounds 2 a share - long after Northern Rock went cap in hand to the Bank of England in September.

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Extract

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Nationalisation Costs Major Shareholders About Pounds 170m

Experts reckon they'll be fortunate to see a penny back from their estimated Pounds 96m and Pounds 74m punts on the stricken R...

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