Vote Set on UK Lender Asset Issue

January 14, 2008, 2:00 p.m. EST 1 Min Read

Investors in liquidity-strapped United Kingdom mortgage lender Northern Rock PLC are slated to vote Jan. 15 on a proposal from two hedge fund shareholders that includes an increased review process for the selling and buying assets above certain thresholds. The lender's board of directors has opposed the proposal by SRM Global Master Fund Ltd. Partnership and RAB Special Situations (Master) Fund Ltd., saying it would put restrictions on the board's powers to act "in various material respects" given that the thresholds above which all asset purchases and sales would have to be reviewed are "relatively low." Northern Rock can be found online at http://www.northernrock.co.uk.

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