KEY POINTS:
As venues go, it wasn't the obvious choice for a business meeting. Last month, Newcastle's Metro Radio Arena played host to an Abba tribute band, and this weekend it will welcome the strongmen of the Ultimate Fighting Championship.
Yesterday, however, the 11,000-seater hall was the venue for a
much milder showdown as shareholders and board members of the beleaguered bank Northern Rock convened for their extraordinary general meeting.
Suits and ties replaced Spandex as Rock board members struggled to appease shareholders who wanted some assurance over the bank's future and wrestled with the possibility that the bank could be nationalised.
An estimated 600 shareholders had turned up to register their vote on four resolutions proposed by the bank's two major shareholders - SRM Global and RAB Capital - which would block Northern Rock selling off its assets and issuing high numbers of new shares without their say-so.
It was grey outside and it was expected to be much the same in the arena but, as the meeting got under way, that was not the case.
At one point, the crowd, which looked comical in such a large hall, even managed to raise a laugh.
"I've taken on the second toughest job in Newcastle," said Rock chairman Bryan Sanderson - a reference to the managerial situation at nearby St James' Park.
His topical wisecrack met with stifled laughter. Perhaps some members of the audience realised this was not a laughing matter. Many of them have lost thousands.
But in a city so entrenched in football, it wasn't too much of a surprise when some of the sporting vernacular crept into the meeting.
"What a load of rubbish," yelled one disgruntled shareholder as the board attempted to answer questions.
After the meeting, Northern Rock's chairman and chief executive answered questions from the media in a bar above the arena.
When asked if he was surprised that the shareholders had not directed more anger at the board, Sanderson replied: "I was surprised. I thought they behaved very well indeed considering ... a bunch of them must feel very let down."
And then they left. As if to underline the absurdity of the day, three hours after a key meeting on the future of Britain's biggest casualty of the credit crunch, the hall was converted into a basketball court, ready for a match between the Newcastle Eagles and Everton Tigers.
- INDEPENDENT
