Retail investors in Northern Rock Plc would be asked to invest about 770 pounds in the company if a proposed Richard Branson-led rescue of the stricken mortgage bank proceeds.

The Virgin consortium's proposals include a rights issue to raise 650 million pounds ($1.35 billion) at 25 pence per share, equivalent to asking Northern Rock's original shareholders to buy about 3,080 new shares.

When the mutually-owned Northern Rock Building Society listed in London in October 1997 it handed 500 shares apiece free to each of 885,764 qualifying investors and borrowers.

The Virgin consortium's proposed rights issue would result in 2.6 billion new shares being issued, just under 6.2 new shares for every existing Northern Rock share, or about 3,080 shares if such investors still own the 500 shares given in 1997.

Northern Rock would not say how many small investors it has, but the figure is widely believed to be well over 100,000.