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Michael Henderson

Michael Henderson suggests


Hardly a rocking deal

Tuesday, 20th November 2007

U.S. buyout firm JC Flowers has just submitted an offer for Northern Rock that would include an offer to its shareholders at a "nominal value", according to Reuters. That means they could get the shares at the price they were issued, which would be a bit of a disappointment since the last share issue valued a share at 25p. They are currently trading at about 90p at the moment.

Apparently the proposal also includes the repayment of £15 billion ($30.8 billion) in emergency loans that the Bank of England (i.e. you and I) have shelled out, as well as factoring in another £10billion in future pay outs, probably by the end of 2010.

More details as they filter through.

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