RAB Capital has urged shareholders in struggling UK bank Northern Rock to stand up to political pressure by voting in favour of the resolutions it has put forward for next week's extraordinary general meeting.
Philip Richards and Benjamin Hill, fund managers to RAB Special Situations fund, said in a letter to shareholders in the company: "Shareholdersâ views and interests appear overshadowed by political considerations. Several other shareholders have expressed a reluctance to passively allow the board to decide the future of the company irrespective of shareholdersâ interests. This is why RAB and SRM Global Master Fund Partnership have requisitioned an extraordinary general meeting of the company."
