The UK Treasury announced last week that it is inviting applications for the position of independent valuer, to assess any compensation that may be payable as a result of the transfer of shares in Northern Rock plc to the Treasury earlier this year.
The closing date for applications has been listed as 4th July 2008, and short-listed applicants will be invited to present to a selection panel later in July.
The appointment will be made by 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), Hon Christopher Gardner QC and Louise Tulett (Director of Finance, Procurement and Operations, HM Treasury). Mr Izza will chair the panel.
A list of people who held shares immediately prior to the transfer is being maintained.
Following the appointment process, the valuer is expected to set out the basis on which he or she is going to operate, and the rules of procedure in relation to the assessment.
No further action is required at this stage by those who held Northern Rock shares at the time of the transfer, the Treasury concluded.
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