Bradford and Bingley plc Compensation Scheme Appointment of independent vluer
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Issued 24 June 2009
Following a competitive process, the Treasury has today appointed Peter
Clokey as independent valuer for the Bradford & Bingley plc Compensation Scheme.
All shares in Bradford & Bingley were transferred into public ownership at
8am on 29 September 2008 in exercise of powers conferred on the Treasury under
the Banking (Special Provisions) Act 2008. The Treasury is required under that
Act to set up a scheme for determining the amount of any compensation payable to
persons who held Bradford & Bingley shares immediately before that transfer. The
independent valuer, Mr Clokey, will determine what compensation, if any, is due
to former shareholders and others whose interests may have been affected by the
1. Peter Clokey leads the Valuation Group within the Corporate Finance
Division of PricewaterhouseCoopers LLP (PwC). Mr. Clokey has a background in the
investment banking sector and specialises in assignments where the parties
require a valuation in the context of a legal process. Mr Clokey will be
supported by a group of individuals from PwC’s dedicated Financial Services
Valuations team. He will also draw on other PwC experts as required.
2. The appointment is being made by HM Treasury Ministers on the
recommendation of a panel comprising Michael Izza (Chief Executive of the
Institute of Chartered Accountants of England and Wales), Anthony Fry (Senior
Managing Director, Evercore Partnership), Christopher Gardner QC and Louise
Tulett (Director of Finance, Procurement and Operations, HM Treasury). The
appointment has been made under the terms of the
Bradford & Bingley Compensation Scheme Order 2008 (OPSI website, opens in
3. Computershare is maintaining a list of people who held shares immediately
prior to the transfer into public ownership. In the event of a change of name
or address, former shareholders should write to Computershare Investor Services
plc, PO Box 1913, The Pavilions, Bridgwater Road, Bristol, BS99 2PR quoting
their Shareholder Reference Number (SRN), which is shown on their Share
Certificate, Nominee Statement or Tax Voucher, or alternatively call them on
0844 472 6003 for advice on what action to take.
4. Former shareholders need take no further action, other than keeping their
contact details up-to-date with Computershare. In due course, Mr Clokey will
inform former shareholders and others, such as the holders of Bradford &
Bingley’s sub-ordinated debt, of the basis on which he is going to operate and
how he intends to proceed. He has established a website at
to provide updates to interested parties. Any questions can be addressed to him
through the site.
Further information can be found on the
Treasury's website .
About the Author
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Article Published/Sorted/Amended on Scopulus 2009-06-29 09:29:38 in Economic Articles