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| Version 0 | Version 1 |
|---|---|
| Rock shareholder sell-off warning | Rock shareholder sell-off warning |
| (40 minutes later) | |
| Northern Rock's largest shareholder has issued a warning over plans to sell off the troubled bank. | |
| The firm's preferred route out of its current crisis is to sell itself to other banks or financial institutions. | The firm's preferred route out of its current crisis is to sell itself to other banks or financial institutions. |
| But the chief executive of RAB Capital, Philip Richards, said he would vote against a proposed takeover of the bank that did not properly value its shares. | But the chief executive of RAB Capital, Philip Richards, said he would vote against a proposed takeover of the bank that did not properly value its shares. |
| BBC business editor Robert Peston said Mr Richards feared the bank's assets would command a low price at present. | BBC business editor Robert Peston said Mr Richards feared the bank's assets would command a low price at present. |
| The bank's preferred route out of the current situation is to sell itself off in whole or in pieces to other banks or financial institutions. | |
| 'Clout' | |
| Robert Peston, BBC business editor, said: "Almost any rescue of the Rock would require shareholder approval, so RAB - one of London's leading hedge funds - has clout. | |
| Mr Richards is potentially at odds with the Treasury, whose first priority is to secure repayment of around £25bn of taxpayer-backed loans to the Rock, says Robert Peston. | |
| RAB Capital - which controls almost 7% of the bank - would like any sell-off of assets valued at 5% or more to be voted on by all shareholders, he also says. |