On 24 June 2009 Peter Clokey, a partner of PricewaterhouseCoopers LLP (PwC), was appointed in a personal capacity to determine what compensation, if any, should be paid to former shareholders of Bradford & Bingley plc and to others whose interests may have been affected.
Peter Clokey, PwC partner, commented: “All shares in the bank were transferred into public ownership on 29 September 2008 during a period of extreme financial instability under a transfer order that also modified the rights of bondholders and may have affected others. The bank is maintaining a register of the 930,000 former shareholders whose rights were transferred and are now subject to the compensation order, if personal details change then former shareholders should contact the registrar. I will also consider the position of bond and noteholders and it is important that they contact me with their details so that I can keep them updated as my valuation process continues.
“To determine what, if any, compensation is owed I will be gathering and reviewing a significant amount of information about the financial position of the bank in the days and weeks leading up to the end of September last year. I will be following a robust and fair process in what will be a very complex assignment."
Peter has set up a website, www.bandbvaluer.org.uk [weblink], through which people can contact him, register to receive updates on his valuation process, and also find links to the registrar, Computershare and other relevant information.
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