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Hedge fund RAB backs Northern Rock’s in-house management team

One of Northern Rock’s biggest shareholders threw its backing behind the bank’s in-house management proposals after Olivant announced it was no longer bidding for the stricken lender.

Hedge fund RAB Capital had previously supported Olivant’s proposals but following its withdrawal, the firm turned its back once again on Virgin and said it would be supporting the management team.

RAB Capital, which owns 7.7 per cent of Northern Rock’s shares, said: “In the current circumstances there is only one strong and independent solution available, in the shape of the proposal from the Northern Rock management team led by Paul Thompson. The management team should assume that they have our support.”

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