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My Northern Rock shares were siezed by the Government. My securities statement now describes them as "Extinct". Are they lost forever? Can I claim this loss against other investment profits? Thanks Peter
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0The Banking (Special Provisions) Act 2008 provides for an Order to set up a compensation scheme under which an independent valuer will assess any compensation which may be payable to holders of shares transferred to HM Treasury and certain other affected parties.
Andrew Caldwell, Valuations Partner at BDO Stoy Hayward has been appointed by HM Treasury as an independent valuer to assess any compensation that may be payable to former Northern Rock shareholders affected by the transfer of Northern Rock into Temporary Public Ownership on 22 February 2008. The appointment was made by HMT Ministers, on recommendation from an advisory panel, following a competitive process.
In due course, Mr Caldwell will inform former shareholders and others of the basis on which he is going to operate and how he intends to proceed. A list of people who held shares immediately prior to the transfer is being maintained, therefore no further action is required at this stage
Posted on 24 October 2008 |
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