15 Jan, 2008
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