Times Online- Northern Rock’s two largest shareholders will force the troubled bank to hold an extraordinary general meeting (EGM) next month, in an attempt to halt a fire sale of the company’s assets.
RAB Capital and SRM Global, two hedge funds with a 6 per cent stake each in Northern Rock, wrote to Bryan Sanderson, the bank’s chairman, yesterday to demand an EGM.
The funds plan to use the EGM to call for a shareholder vote on an amendment to the bank’s articles of association that would prevent the company from disposing of more than 5 per cent of its assets without approval from investors.
