Press release from The independent valuer of Bradford & Bingley
Latest Update: 14 March 2011
Please see below the latest update from The independent valuer of Bradford & Bingley:
"In June 2009 I was appointed to assess the amount of compensation, if any, payable by HM Treasury under the Bradford & Bingley plc Compensation Scheme. On 5 July last year I issued my assessment that no compensation was payable in respect of shares and subscription rights. I have also issued a similar notice in respect of rights associated with dated subordinated notes.
Between 5 July and 27 August 2010, former shareholders and other affected parties had the opportunity to request that I reconsider my determination by writing to me, stating their reasons for dissatisfaction and providing any evidence that they believed I should consider.
I have now considered the requests and evidence put forward to me and have issued my Revised Assessment Notice in respect of shares and subscription rights. This Notice upholds my original Assessment Notice of 5 July 2010. I remain of the view that no compensation is payable by HM Treasury to shareholders or holders of subscription rights. In the Revised Assessment Notice you can find my responses to the main arguments and requests that I considered in reaching this determination.
If you are dissatisfied with the determination in my Revised Assessment Notice you may refer the matter to the Upper Tribunal (Tax and Chancery Chamber). All references must be made using Form FTC3. Form FTC3 must be completed and signed by or on behalf of the person making the reference. It must be received by the Upper Tribunal no later than 28 days after notice was given of the determination in my Revised Assessment Notice. At the same time a copy of the completed and signed Form FTC3 should be sent to me at: PricewaterhouseCoopers LLP, 1 Embankment Place, London WC2N 6RH.
For a copy of Form FTC3 and important information about how to complete it, please go to:
The London address of the Upper Tribunal is:
The Upper Tribunal
Tax and Chancery Chamber
45 Bedford Square
The telephone numbers of the Upper Tribunal are:
+44 (0)20 7612 9646 and +44 (0)20 7612 9647
I will not be responding to any further correspondence in relation to my Assessment Notices or my Revised Assessment Notice other than in the course of any proceedings before the Upper Tribunal.
I would like to thank everyone who assisted me in my assessment"
Barclays Stockbrokers will update this as soon as we have any further information.