Why doesn the share price on 26 September 2008 – immediately before the Transfer Order – form the basis of value for compensation?
I have concluded that, without the transfer order, Bradford & Bingley would have applied to the Court for an administration order before the markets opened on 29 September 2008 and that ordinary shares would have been suspended from trading before the transfer time. The closing share price on 26 September 2008 does not reflect this fact and I do not consider that it indicates the value of the shares on the morning of 29 September 2008.
