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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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