Bradford and Bingley shares

harwood red · 02-04-2009, 17:49

Crikey where have I been hiding for the past 6 months. Have just had my tax voucher for end of tax year regarding these shares and noticed that I no longer have any shares due to the nationalisation of this bank!!!

Now I remember all the Northern Rock stuff and knew Bradford and Bingley had joined with abbey under the santander group but had no idea that the treasury now owned the rest and that this happened on the 29Sept 08.

Now the shares I had were the ones I got when they changed from building society to bank so they cost me nothing but I was keeping them either to give to my sons when they were older or for an emergency!!!

The people I really feel sorry for are the ones who re-invested in a special offer share purchase in Aug to help keep the bank going and just a few short weeks later they have lost everything!!!

And not one person has received a letter from the bank or the govt about this and whether there will be a chance of any compensation for those who re-invested.

It's sickening to think that shareholders own a company but yet the govt can just step in and nick it away... never mind that when it was looked at closer B & B's assets at the time outweighed their debt

Ok moan over now but it just really rankled cos if I had cashed them in a year ago I would have got about £700

Benipete · 02-04-2009, 20:41

Says it all !!

garinda · 02-04-2009, 23:32

Bradford & Bingley shareholders may be able to claw back some of the money they lost following the nationalisation of the bank in September.

Under the terms of the compensation order, the value of B&B’s shares should be based on what the lender was worth immediately before its mortgage book fell into government hands and its savings arm was sold off to Santander on 29 September

Compensation hopes for Bradford & Bingley shareholders | Moneywise

If/when you receive any compensation for your shares, it'll probably only pay for enough petrol to get you to Bradford or Bingley.

harwood red · 03-04-2009, 00:07

Quote:

Originally Posted by garinda

Bradford & Bingley shareholders may be able to claw back some of the money they lost following the nationalisation of the bank in September.

Under the terms of the compensation order, the value of B&B’s shares should be based on what the lender was worth immediately before its mortgage book fell into government hands and its savings arm was sold off to Santander on 29 September

Compensation hopes for Bradford & Bingley shareholders | Moneywise

If/when you receive any compensation for your shares, it'll probably only pay for enough petrol to get you to Bradford or Bingley.

I believe they are only looking to compensate those that bought additional shares which is right as at least mine didn't cost me anything but some people have lost their life savings!!!