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Nr Down 14% And Falling Fast

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I've heard LLoyds at £2 a share

Also HBOS £1 per share, it was just on sky and is just a rumour at the moment. A&A and B&B are stabalising but lost their morning gains.

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Rumours are bids from Lloyds at £2 and HBOS at £1. Although Lloyds sold a shed-load of NRK this morning.

Presumably so they can buy it back at £2 :)

I would say that rather than Qing at Northern Rock, it is time to Q at Lloyds or HBOS.

Edited by bobthe~

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Guest wrongmove
Presumably so they can buy it back at £2 :)

I would say that rather Qing at Northern Rock, it is time to Q at Lloyds or HBOS.

From what I read, book value of NR is around £4, firesale price £2-3. I expect Lloyds know what they are doing.... :unsure:

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Anyone tell me the current Market Cap for Northern Rock? What's the NAV per share?

Useless information. An asset is worth what soembody is willing and able to pay for them. This economic miracle has been so stretched that asset valuations hae been based on how much could be borrowed at one particular point in time with almost no reference to their income generating or real value (either past or present).

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From what I read, book value of NR is around £4, firesale price £2-3. I expect Lloyds know what they are doing.... :unsure:

Well, it's what Gordo has guaranteed that matters. And I suspect he's guaranteed a free ride. (Alistair Darling is a photocopy boy in this.)

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Sept. 19 (Bloomberg) -- Baillie Gifford & Co., the Scottish money manager that is Northern Rock Plc's biggest shareholder, cut its holding in the mortgage lender to less than 5 percent.

Edinburgh-based Baillie Gifford had about 25 million shares, or

5.98 percent of voting rights, in the bank before the transaction, Northern Rock said in a Regulatory News Service statement today. The sale took place Sept. 17, the Newcastle, England-based lender said. It didn't say what stake Baillie retained after the sale.

Baillie Gifford sold most, if not all, of its shares in the bank in the past two days, taking a loss of up to 200 million pounds ($401 million), the FT said yesterday, citing unidentified people close to the fund manager. Northern Rock's largest shareholder is now Scottish Widows Investment Partnership Ltd., with a 3.9 percent stake, the newspaper reported.

If Baillie are taking a 200,000,000 bath on this then you can be sure they have done their research and the shares aren't coming back.

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A woman on the BBC told us yesterday that NR shares have 'bounced back' and depositors are returning.

So if Baillie Gifford had listened to the woman on the BBC, they could have saved themselves $401M.

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Someone else will buy it and screw you for even more interest.

Bugger - though it would just get written off.

Still I havent heard from NR for ages about it. Guess they have more pressing matters to deal with.

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Sept. 19 (Bloomberg) -- Baillie Gifford & Co., the Scottish money manager that is Northern Rock Plc's biggest shareholder, cut its holding in the mortgage lender to less than 5 percent.

Edinburgh-based Baillie Gifford had about 25 million shares, or

5.98 percent of voting rights, in the bank before the transaction, Northern Rock said in a Regulatory News Service statement today. The sale took place Sept. 17, the Newcastle, England-based lender said. It didn't say what stake Baillie retained after the sale.

Baillie Gifford sold most, if not all, of its shares in the bank in the past two days, taking a loss of up to 200 million pounds ($401 million), the FT said yesterday, citing unidentified people close to the fund manager. Northern Rock's largest shareholder is now Scottish Widows Investment Partnership Ltd., with a 3.9 percent stake, the newspaper reported.

If Baillie are taking a 200,000,000 bath on this then you can be sure they have done their research and the shares aren't coming back.

And what of Scottish Widows? Have they just bought it on a whim? Or perhaps the idea is to move the shares to pension funds as that is a quagmire where no one will be able to see the losses clearly? Is Gordo pulling strings in the Edinburgh financial sector?

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