Reuters- RAB Capital, a top investor in Northern Rock, has bought shares in the bank for the second time in two days, raising its stake to 7.5 percent ahead of a January shareholder meeting, a filingshowed on Friday.
RAB and hedge fund SRM Global, the beleaguered mortgage lender’s largest shareholder, had called for Northern Rock to hold an emergency shareholder meeting over its future and the bank gave in last week, setting a date of January 15.
SRM and RAB have tabled resolutions that, if passed, would give shareholders the power to block any moves to sell more than 5 percent of the bank’s assets, issue large chunks of new shares or buy any assets — powers Northern Rock’s board say would hinder a swift solution to the lender’s problems.
