Late Friday 29th the Co-operative Group announced that a large majority of retail bondholders had voted to accept the recapitalisation deal struck between the Co-op Group and private investors including the hedge funds.
According to the Co-operative Group leadership, this will avert a crisis threatening the survival of the entire Co-operative Group. Some Save Our Bank supporters are sceptical and were hoping that the Bank of England would intevene. This is now less likely. Save Our Bank has continued to say that, irrespective of who owns the bank, it must guarantee that it will stick to its ethical policy and should devise a plan for an eventual return to majority co-operative ownership.
The vote announcement followed news that Aurelius had sold up, at a profit. Aurelius was arguably the most notorious of the hedge funds that took a stake in the bank and reputedly led the move to force the Co-operative Group to cede majority control.
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