How has the Independent Valuer reached his final determination?
The amount of any compensation payable by HM Treasury is based on the value of the shares or the right to receive shares immediately before the transfer of Northern Rock into temporary public ownership at the beginning of 22 February 2008. This point in time is referred to as the Valuation Date. The Independent Valuer has determined that there would be no surplus at the end of an assumed administration for distribution to shareholders. It therefore follows that there is no value in the shares (or the right to receive shares) as at the Valuation Date and that no compensation is payable to former shareholders or to those whose rights to receive shares were extinguished when Northern Rock was transferred into temporary public ownership.
