Press Release 68 Date 11.10.99

For local media covering branches and members of Leek United Building Society Press Release 68

Story: Murray Financial plc fails in its attempt to call a Special General Meeting at Leek United -designed to lead to the carpetbagging of the society. Murray Financials bid for Leek United Building Society descends into farce! Many of those proposing a Special General Meeting (SGM) on behalf of Murray were ineligible to do so. Comment from SOBS Bob Goodall says “Murray Financial have widely trumpeted the idea that they are more competent to run Leek United than its current experienced board of directors and management team. These farcical developments clearly show this is not the case.” 2) “It is absolutely astonishing that Murray have fouled up in such a way! First they claimed to have 200 supporters, Then 130. Now goodness knows how many! Certainly not the 100 eligible members needed to requisition a SGM -let alone win it. I’m not saying that they have been “economic with the actualitie” only that perhaps their bead-counter wasn’t working on the day they added up the number of eligible SGM nomination forms backing them.” “Does this support their claim of financial expertise? I suggest they give up their grandiose vision of empire building at the expense of members of Leek United and do something more appropriate- perhaps take a course in filling in forms.” Ken Murray is reported as saying that they want to know exactly why the forms were thrown out. “But we would put it to him that the onus is on Murray Financial to get its act together and not seek assistance from Leek United to pursue a course of action the democratically elected board of Leek believe to be absurd. If Murray cannot even complete simple forms properly how do they envisage running a complicated financial institution?” A complete waste of money. Leek United should sue Murray! “Muray Financial have wasted a large amount of money belonging to the members of Leek united in this phoney war. Their bid has been uninvited, unwelcome and utterly futile! If it were at all possible I would urge the board of Leek to sue Murray to get the money back.” “This is clearly a massive blow for institutionalised carpetbagging -from which I believe it will not recover” But are storm clouds ahead for Murray Financial ? Consider that they have spent already in excess of £500,000 of their share capital and have achieved nothing to date. They would still have to raise the money they have bid for Leek -£30.5million. The whole business seems “a bit of a gamble”. Fail at Leek and what happens to Murray? And! Murray would still have to meet Conversion criteria And remember that in the highly unlikely event it won a SGM any conversion must be agreed by members at an official conversion vote where certain voting criteria will apply. By Law for a mutual building society to convert 75% of savers on a 50% turnout and a majority of borrowers must vote in favour. As a guide to peoples feelings it is worth noting that 16,000 members of Leek and members of the public have already signed a -keep Leek United - mutual petition in a period shorter than Murray has spent struggling -and failing- to find 100 carpetbaggers eligible to requisition a SGM. SOBS believe that Leek United will never convert to a bank. So I leave you to reach your own conclusions about what the future holds for Murray Financial plc! “The future is rosy for Leek United Building Society.” Bob Goodall co-ordinator “Save Our building Societies” campaign tel 01727 847 370(24hrs)