B&B shares are worthless, finds review

Bradford & Bingley (B&B) shareholders had their hopes of compensation dashed today after an independent assessor upheld his previous ruling against a payout.

Peter Clokey, the independent valuer appointed under the Bradford & Bingley plc Compensation Scheme and a partner of PwC, published his decision today in a Revised Assessment Notice. The review backs his original decision from July last year that ordinary shares in the nationalised bank had no value immediately before their transfer to HM Treasury. Consequently, no compensation is payable by HM Treasury to former shareholders or those who held subscription rights to the shares, he says. About 8,000 of the 930,000 former shareholders wrote to Clokey to contest his ruling last year, ...