Rock shareholders threaten to sue

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The UK Shareholders Association (UKSA) took the first steps toward a judicial review by filing a letter before action.

They say they want payback for the compulsory purchase of their shares, claiming the Government has "rigged" the share valuation, putting them in line for just five pence or less per share. It should be nearer £5, they said at a central London press conference.

And as many as 30,000 of NR's 150,000 shareholders could back its court case accusing the Government of a breach of human rights.

The UKSA argues that in commercial disputes, anyone who damages the value of a business should not benefit as a result of any later valuation of that business. They are to suggest the Government and its agencies caused many of the problems that NR faced.

Roger Lawson of the UKSA said: "It is rigged and self-serving at the moment that the compensation should be set at the lowest level. Fighting this is a point that unites all shareholders.

"It is like deciding the verdict before the jury has gone out. It seems the Government does not want to pay."

The Government breached human rights as the state cannot seize someone's shares unless it is a matter of national security, argued campaign solicitor David Greene.

It could take up to a year before the case gets to court, time which will be spent trying to bring more litigants on board and privately fundraising to support the claim.

Donations of £25 are being asked from every NR shareholder and a larger proportional amount from those with more than 1,000 shares.