Clokey will head up the independent valuation of B&B shares prior to its collapse in September 2008, with the help of PwC staff. Under the Banking Act, the Government must seek an independent valuation for all of B&B’s shares prior to its nationalisation.
Clokey will inform former shareholders and others, such as the holders of B&B’s subordinated debt, of the basis on which he is going to operate and how he intends to proceed. Any interested parties can go to www.bandbvaluer.org.uk.
On the website, Clokey says to investors: “I realise you would probably like me to resolve this quickly. So, while I will take the time needed to carry out a thorough evaluation, I will try to reach my decision as swiftly as possible.
“For now, please bear in mind that we are right at the beginning of what is an extremely complicated process. Almost one million people will be affected by the outcome of my decision and much of the information I will rely on is not available to me immediately.”