By Michael Stoddard BBC News, Newcastle

Northern Rock staff protested outside the meeting

As dark clouds gathered overhead, hundreds of Northern Rock shareholders dodged the rain, protesters and reporters to make their way into the extraordinary general meeting.

But many were asking the question - was this all "too little, too late?"

With the future of the bank in the balance, a sombre mood hung in the air of the Metro Arena in Newcastle - usually home to pop and rock concerts.

But there were no bright lights, loud music or cheering fans; instead the crowd of just under 600 in the 11,000-seater hall was eerily quiet.

The shareholders clutched pieces of paper as if they were the actual shares they have seen plummet from �12 to barely 80p in less than a year.

'Sombre and bitter'

All had made their way to the meeting to decide whether they should back hedge funds SRM Global and RAB Capital and block Northern Rock selling off assets and issuing high numbers of new shares without their say.

Some stand to lose hundreds, others thousands of pounds, if a rescue package fails and the bank is nationalised.

One common feeling among those in the crowd was summed up by shareholder Maxwell Hill, 75, from Morpeth.

Maxwell Hill has 500 shares in Northern Rock

He said: "This is just too little, too late.

"It feels like us shareholders have such a little say I don't think any decision today will see my 500 shares regain what they were worth just a few months ago.

"The weather sums up today's mood - sombre and bitter."

After much talking and debate on the steps outside, the show finally got under way at 1000 GMT.

It started with new Northern Rock chairman Bryan Sanderson explaining the high-tech voting remote controls - more befitting of television quiz shows - given to each audience member to vote on the outcome of the meeting.

Northern Rock was built on steel and coal . . . now we must build again Northern Rock shareholder

The first laugh came after 20 minutes when the chairman declared "I have taken on the second hardest job in Newcastle" - a point well received by the football fans in the audience, thinking of the managerial vacancy at St James' Park.

Latecomers faced a long walk through thousands of empty seats.

Shareholder Brian French, 67, from Chester-le-Street, Durham, said: "I doubt there are 1,000 people in here, let alone 11,000, but when you think there are over 100,000 shareholders, was this ever going to be a fair reflection?

"I am a lucky one - I had to sell a lot of my shares, which I didn't want to do, but I managed to get �11.38 each. I still have a handful left, which is why I'm here today."

Brian French managed to sell most of his shares for �11.38 each

The audience finally got their chance to vent their views after an hour of the proceedings, with many directing angry outbursts at the bank's new board.

But what shone through was a spirit that would not accept defeat.

As one woman put it: "Northern Rock was built on steel and coal. Now we must build again rather than saying what we can't do."

After a host of audience members made their points, it was time to vote.

A quick run-through of how to use the handsets was given and the vote was under way.

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The chairman, Bryan Sanderson, ran through each of the nine resolutions, asking the audience to press 1, 2 or 3 to show their support, objection or if they wished to abstain.