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[05 JAN 99] COVENTRY BUILDING SOCIETY PRESS RELEASE
Carpetbagger Fails To Win Enough Support

On the 30 December the Society received notification from a small number of members that it was their intention to have moved at the next Annual General Meeting of the Society a resolution calling for the Board of Directors to take immediate steps to convert the Society to PLC status.

In addition, Michael Harden, s butler from London, was nominated as a candidate for election as a Director of the Society. It is understood that similar approaches have been made to six other building societies.

Martin Ritchley, Chief ExecutiveWe have now had an opportunity to check the validity both of the resolution and of the nomination. The Society has rejected the proposed nomination of Michael Harden as a Director and the proposed resolution relating to a change in the Society’s status on the grounds that neither of these matters achieved the requisite level of support under the Society’s Rules to be put forward.

Martin Ritchley, Chief Executive of the Coventry, restates the Society’s position.

"We have repeatedly made it abundantly clear that we have no intention of charging from being a building society to become a bank. These developments have in no way affected the Board’s view that the long term interests of Coventry members, present and future, are best served by our remaining a building society.

"As customers of the PLC banks are discovering to their cost, building societies do not have to pay dividends to outside shareholders. This enables us to deliver significant long term advantage t our savers and borrowers in terms of better products and interest rates. We at the Coventry aim to build upon the advantages of our building society status and continue to provide out members with real benefits in the form of first rate products and services for many generations to come."

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COVENTRY BUILDING SOCIETY

MEMBERS FOR CONVERSION

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BUILDING SOCIETIES ACT
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CWN / Business / A-Z / Coventry Building Society / 5 Jan 99

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