Storyline: Confirmation by Midshires of the promise made by John Leighfield chairman of Birmingham Midshires to SOBS; that in the event of a takeover bid they will send to their members arguments in favour of mutuality, as well of conversion. It's official!
Story reported by..
Channel 4 Teletext, 31.7.98 19.42hrs P541 1/7 & 2/7 it contains comments by Midshires. The significance: The following undertaking is now clearly in the public domain and cannot be taken back.
Midshires says pro-mutuals campaigners can be heard
Birmingham Midshires building society which announced plans to be taken over by the Halifax, is assuring pro-mutual campaigners they will be heard. Midshires says it's democratic structure allows resolutions against the takeover if campaigners follow its constitution. It raises the spectre of supporters of mutuality running campaigns similar to arch enemy Michael Hardern.
Birmingham Midshires whose plans to be taken over by the Halifax will net members £750 each says It will make members aware of proposals to keep it mutual. The pressure group Save Our Building Societies say, it's received an undertaking that mutual voices will be heard in the debate.
Midshires says that will happen if rebels act within the society's rules.
"Save our Building Societies" comment:
Bob Goodall quote:
'We are delighted that this promise by Midshires is clearly out in the public domain. SOBS has always and will always act within any building societies rules. Our complaint to the board of Midshires the first time around was that there was not an opportunity to fairly put across the compelling arguments for the society to remain a mutual."
"Now when the transfer document concerning the possible takeover by Halifax plc is sent to the l.4 million members of Midshires for their consideration each copy will contain the pro-mutuality message."
"All we have ever asked for is the right to put forward the argument against conversion. With both the case for mutuality and for conversion carefully explained the members will be in a better position to make a decision."
For further information please refer to Press Release 27
How people can help the SOBS campaign: Anyone wishing to help should write to Bob Goodall at "Save Our Building Societies", 8 Belmont Court, Belmont Hill, St Albans, Herts AL1 RB or telephone him on 01727 847370 (24hrs)
Press Release by bob Goodall Tel 01727 84737
Co-ordinator "Save Our Building Societies" campaign