Press coverage of the proposed takeover of Virgin Money by Nationwide
Takeover press coverage
What do the Nationwide board and the Prudential Regulatory Authority (PRA) know about the proposed takeover of Virgin Money?
Correspondence between PRA authorised firms, like Nationwide and Virgin Money, is in most case confidential. However through analysis of public documents that stipulate the obligations on authorised firms, it’s possible to glean what disclosures are required in certain circumstances, even if we don’t necessarily know the contents.
Nationwide say call for a Special General Meeting “not valid”: member vote campaign fights on with over 3,000 supporters
SATURDAY 20TH APRIL 2024 FOR IMMEDIATE RELEASE Nationwide say call for a Special General Meeting “not valid”: member vote campaign fights on with over 3,000 supporters The Nationwide Building Society has rejected a request for a Special General Meeting of the society, as supported by over 3,000 supporters, under the society’s rules. The campaign requested […]
Move most of your savings elsewhere in protest
Consider moving all but £100 of your savings to another institition ASAP in protest (and probably for a better rate).
Frequently Asked Questions
The six questions and answers to correct common misunderstandings.
Why Nationwide will be financially weaker if the proposed takeover of Virgin Money goes ahead
WHY NATIONWIDE WILL BE FINANCIALLY WEAKER IF THE PROPOSED TAKEOVER OF VIRGIN MONEY GOES AHEAD A company’s balance sheet is made up of assets, liabilities and equity. In the case of Nationwide building soicety, the equity (or capital) in the business belongs to the members. In most takeover deals involving listed equity i.e. a company […]
Nationwide member vote campaign asks supporters to withdraw deposits
SATURDAY 13TH APRIL 2024 FOR IMMEDIATE RELEASE Nationwide member vote campaign asks supporters to withdraw deposits The campaign for Nationwide members to have a say on the proposed takeover of Virgin Money is proposing that their supporters withdraw all but £100 from their Nationwide deposit accounts. The campaign has been protesting that Nationwide members should […]
Why a member vote is expected under Section 92A of the Building Societies Act (1986)
WHY A VOTE IS EXPECTED UNDER THE BUILDING SOCIETIES ACT (1986) Section 92A of the Building Society Act (1986) specifies what should happen when a building society makes an acquisition. In effect, it states that a building society must resolve to do so by resolution (subsection 1), and such a resolution must be passed by a […]
Nationwide members demand Special General Meeting so that Virgin Money takeover cannot proceed without a vote
THURSDAY 11TH APRIL 2024 FOR IMMEDIATE RELEASE Nationwide members demand Special General Meeting so that Virgin Money takeover cannot proceed without a vote Swindon, UK – Campaign organiser, Mikael Armstrong, has delivered a petition of almost 1,000 names to the head office of Nationwide Building Society, calling for a vote on behalf of society members […]