Press Release 42 2.11.98
Subject: The attempt to takeover Birmingham Midshires Building Society by Halifax
Storyline: (New) Midshires savers from 1.1.96 (and borrowers) are urged to reject the takeover by Halifax plc by George Talkington and friends because they see the planned windfall distribution as unfair.
Who is George Talkington?
1) He is not a member of the "Save Our Building Societies" campaign.
2) He is hoping for a windfall.
3) His slogan is "fair shares for all."
4) Find out more about what George Talkington and friends believe by telephoning him on 01284 767 623
Bob Goodall says "while George and I have different ultimate goals we both agree that the Halifax bid needs to be rejected (albeit for different reasons). Once this happens our paths will diverge. George will campaign for more equal windfalls and we will continue to fight for mutuality". "SOBS is pleased to accept support against the Halifax bid wherever it comes from."
'Midshires may well have shot themselves in the foot by their planned distribution of windfalls."
Note to the Editor George Talkington believes that as many as 375,000 savers and 138,000 borrowers are to be given the small windfall of £400 in preference shares under current arrangements. That there is therefore enough potential support to defeat the offer. Midshires have 1.2 million members and customers. Under Building Society law 75% of investors voting must approve the deal and 50% of borrowers who vote must vote in favour for the offer for it to be accepted.
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
Coordinator "Save Our Building Societies" campaign