NRock's fate to be decided tomorrow

The meeting has been called by hedge funds SRM and RAB Capital, key shareholders in the troubled bank, who have proposed restricting the powers of Northern Rock’s board to stop the company being sold too cheaply. The hedge funds have called for the board to be limited to being able to issue or allot new shares only up to the value of £5m. They have also asked shareholders to consider limiting the board’s ability to dispose of or acquire assets above a certain value and asked the bank to take action to prevent shareholders from disposing of their shares. However, the board of Northern ...