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15 Jan, 2008

Tanya Powley - 15-Jan-2008
Northern Rock's chairman Bryan Sanderson has told the bank's shareholders at today's EGM that the bank can still be put "on the road to recovery."
Sanderson said that the review of the bank's business should be completed by the middle of February.

The EGM, which started this morning at 10am and could go on until 2pm, has provided shareholders with their first chance to question the management since the run on the bank in September.

Two of Northern Rock's biggest shareholders - hedge funds RAB Capital and SRM Global - will try to pass a motion so that they can have a bigger say in the bank's sale process.

Sanderson said: "We cannot reverse history but with your support, we can set the company on the road to recovery. I assure you we are doing all that we reasonably can to look after the interests of shareholders, and we have you at the top of our minds."

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