Bradford & Bingley Shareholder Action Group

BBAG
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The Bradford & Bingley Shareholder Action Group was formed to promote the interests of the former ordinary shareholders and the bondholders in Bradford and Bingley Plc, following the nationalisation of the company. Many shareholders were particularly unhappy with the nationalisation as they had subscribed only shortly before to a large rights issue which was intended to put the company on a sound footing for many months. Subsequently the holders of the undated subordinated bonds (previously calls PIBS) have had their dividends stopped with a resulting massive loss of capital value, although they are still trading. The Independent Valuer has also now determined that the ordinary shareholders will get no compensation. See this page for more information: About. Go to this page to register your interest: Membership. Go to this page for more information on the subordinated bonds : PIBS

Note that it is important to emphasise that the Government concealed the fact that B&B had been provided with funding by them prior to nationalisation. They pretended that the valuation of the ordinary shares would be fair and independent for many months when they knew it would not be because of the terms of the nationalisation (which effectively dictated the valuation would be nil if funding had been supplied). This prejudiced any legal claims including submissions to the Independent Valuer and the Upper Tribunal review body.

The picture above is of one of the former B&B retail branches, now owned by Santander and rebranded accordingly.

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