Independent valuer to assess NRock share compensation

Previous reports suggest shareholders will receive nothing for their shares, as the valuation must take account of the fact the bank was supported by taxpayer funds. At it’s high point in early 2007, Northern Rock’s shares were worth over £12 and the bank was listed on the FTSE 100. However, the slump in the mortgage market, coupled with revelations that the bank had taken out billions in loans from the bank of England, cause share prices to collapse to around 80p, and the firm was removed from the index of leading shares. The situation at the bank forced the Government to nationalise...