It claims that what was a £6,000 investment a year ago for anyone holding 500 shares when NR was demutualised will be reduced to a value of just £25.
UKSA says the proposed way of valuing the shares is unfair and means shareholders will lose out.
It claims that over 16,000 individuals in the North West will consequently see little or no compensation if the Government is allowed to pursue its unfair valuation terms and calling for the support and help of other angry and disgruntled shareholders.
Chris Hulme, a North West businessman and shareholder in Northern Rock, “Northern Rock was and still is a solvent bank as its assets exceed its liabilities.
“That means the shares have a value greater than the 5p per share that
it looks like we will get. Northern Rock’s problems were not unique as the
Government has now conceded and tax payers’ money has never been at risk as
the Government alleges.
“I feel as if the government has acted just like a robber baron. I don’t
think the Government should hide behind its own failings and then make a
handsome profit from ripping off the shareholders.
“Not being one to sit idly by while the Government rigs the valuation
process, I am volunteering to help other Northern Rock Shareholders who live
in the North West. They now have someone to fight their corner.”