Northern Rock Inches Toward Nationalization

From: Daily News | Date: January 15, 2008| Author: Bill McIntosh, Senior Financial Correspondent | Copyright information

LONDON (HedgeWorld.com) - Northern Rock plc, the stricken British bank, is inching closer to nationalization as options run out for it to secure the necessary financial backing to continue as a private company.

An extraordinary meeting of shareholders convened on Tuesday [Jan. 15] by hedge funds RAB Capital plc and SRM Global, the bank's biggest shareholders, saw shareholders approve preventing Northern Rock from selling more than $5 million of new stock without investor approval. Shar...

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