Northern Rock is to hold an emergency meeting on 15 January to discuss its sale process.
Two major shareholders, RAB Capital and SRM Global, called the meeting and are urging other shareholders to block any attempts to buy more than 5% of the bank’s shares, the power to issue new shares or buy assets.
However, the chairman of Northern Rock, Bryan Sanderson, has urged shareholders to vote against the restrictions, saying they could do further damage to the beleaguered firm.
The bank currently has two potential buyers, Virgin Group and Olivant, with both bidders receiving preferred status from the management of Northern Rock.
In September, the bank was forced to borrow money from the Bank of England to support its business model, a move which saw thousands of customers withdraw money from the bank.
The bank currently has a £25bn lifeline from the Bank of England, though it is expected to find its own funding by February, either through a private bidder or via nationalisation.
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