Rebel shareholders in Northern Rock won one of the four resolutions they tabled at Tuesday's extraordinary general meeting but sent a clear message to the management about their concerns for the future of the stricken lender.

Some 66% of shareholders backed a resolution which will prevent the board allotting shares with a nominal value of £5m without their approval, defeating the management as a majority of 50% was needed.
There was a similar level of dissent for the other resolutions, but these required a 75% approval rate.
The management was defeated on the least onerous of all the resolutions tabled by the rebels, led by hedge funds SRM and RAB Capital, who have been trying to prevent the board from selling the bank without their approval.
Following the EGM, called at the rebels' behest, in Newcastle earlier Tuesday, the board said: ""On the basis that the third party proposals as currently formulated required shareholder approval in any event this will not prove to be an additional material restriction on the board's ability to pursue the strategic review"".
Bryan Sanderson, the chairman, said that the board would ""continue to work towards securing the best possible outcome for shareholders and other stakeholders in the company"".
""Whilst we are pleased that all but one of the resolutions proposed by SRM and RAB Capital were not carried, we recognize that a material number of shareholders did vote in favor of these resolutions,"" Sanderson said.
He had earlier told 650 shareholders assembled at the EGM the bank's situation as ""very serious, and it's important that everyone with a stake acts responsibility"".
The shares closed down 13.25p at 69.25p, a slide of 16%.
While the board pledged to continue to work in the best of interests of shareholders, the fate of the bank rests with the government which trying to find the best way to get a £26bn loan from the taxpayer repaid.
Alistair Darling continued to insist today that a private sector solution was still the government's preferred option despite rising speculation that nationalization is the only option left after a sale to Sir Richard Branson's Virgin and the Olivant vehicle run by Luqman Arnold stalled. ""We have consistently made clear that our preferred option is a private sector solution,"" Darling said in speech to the Royal Society of Arts ""I would like to find a private sector solution but all options, including nationalization, have to be considered,"" he said.
""I'll take whatever action is necessary, however difficult, to take the right decisions for the long-term interests of the country.""
(Source: Guardian)