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Dept of Transport

Answered by

Lord Young of Cookham (Conservative)

Answering body

Department of Transport

Type

Oral answers to questions

Date

10 June 1996

Reference

279 c9

House

House of Commons

Dept of Transport

How many individuals were successful in their application to buy Railtrack shares. -

Asked by

Jon Owen Jones (Labour; Co-operative Party)

Answering body

Department of Transport

Oral questions - Lead

Status

Answered

Date

10 June 1996

Reference

279 c12; 30610

House

House of Commons

Dept of Transport

Answered by

Lord Young of Cookham (Conservative)

Answering body

Department of Transport

Type

Oral answers to questions

Date

10 June 1996

Reference

279 c9

House

House of Commons

Dept of Transport

Answered by

Lord Young of Cookham (Conservative)

Answering body

Department of Transport

Type

Oral answers to questions

Date

10 June 1996

Reference

279 c12

House

House of Commons

Dept of Transport

Answered by

Lord Young of Cookham (Conservative)

Answering body

Department of Transport

Type

Oral answers to questions

Date

10 June 1996

Reference

279 c12

House

House of Commons

Dept of Transport

If he will comment on the sale of Railtrack. -

Asked by

Hugh Bayley (Labour)

Answering body

Department of Transport

Oral questions - Lead

Status

Answered

Date

10 June 1996

Reference

279 c9; 30606

House

House of Commons

Dept of Transport

Statement on the outcome of the Government's sale of its shareholding in Railtrack Group PLC. - Including figures.

Asked by

Tim J Smith (Conservative)

Answering body

Department of Transport

Type

Written questions

Status

Answered

For answer on

20 May 1996

Answered on

20 May 1996

Mr. Tim Smith: To ask the Secretary of State for Transport if he will make a statement on the outcome of the Government's sale of their shareholding in Railtrack group plc.[30483] Sir George Young: I am pleased to report that the Government's UK public offer and international offers of Railtrack shares were successfully completed this morning when dealings in interim rights started on the London stock exchange. As a result of bids received in the international offers, the price of the second instalment for all investors in the UK public order and the international offers were set at 190p per interim right. Accordingly, the price for Railtrack interim rights purchased in the United Kingdom public offer was 380p per share, comprising 190p paid on successful application and 190p to be paid by 3 June 1997. The price for interim rights purchased in the international offer of Railtrack shares was 390p per share, comprising 200p paid on successful application and 190p to be paid by 3 June 1997. The Government offered for sale up to 434.8 million Railtrack shares in the UK public offer and the international offers. Some 665,000 applications were received in the United Kingdom public offer for a total of some 391 million Railtrack shares. This represented some three times the shares initially expected to be sold in the UK public offer. In response to this demand, the Government increased the total number of shares allocated to the UK public offer to 210 million shares. At this level, the number of shares applied for in the UK public offer represented some 1.9 times the shares available. Over 44 per cent. of applicants in the UK public offer received an allocation of shares. Over 97 per cent. of applicants had their applications met in full. Some 180.4 million shares were allocated to bidders in the international offers. This number does not include any shares that SBC Warburg may have over-allotted in connection with the international offers. The extent of any such over-allotment will not be disclosed until later Individual investors bidding in the United Kingdom retail tender bid for some 136 million shares in Railtrack. Of these numbers, some 32.5 million shares were in respect of personal equity plan applications. In addition to the shares sold in the UK public offer and the international offers, SBC Warburg, as global co-ordinators for the sale, hold an option to acquire from the Secretary of State for Transport up to a further 65.2 million Railtrack shares for the purposes of meeting any over-allotment made by them in connection with the international offer. This option must be exercised by 14 June. Total gross proceeds from the UK public order and international offers are expected to amount to some £1.67 billion, of which some £849 million is expected to be received in this financial year. Total gross proceeds may be further increased by a maximum of £254 million to the extent that, if at all, the global co-ordinator, SBC Warburg, exercises its option to acquire further shares. The costs of the sale will be disclosed to Parliament in due course. Following the offers, and assuming the exercise in full of the option over Railtrack shares granted by the Secretary of State for Transport to SBC Warburg Ltd., the Secretary of State for Transport expects to hold not more than 1 per cent. of Railtrack group plc's issued share capital. These amounts comprise principally shares that may be needed to meet share bonus entitlement under the UK public offer. The demand for shares in Railtrack gives me great confidence in the future of the railways.

Date

20 May 1996

Reference

30483; 278 c36-7W

House

House of Commons

Treasury

If he has voted his shares either directly or by proxy in recent shareholder votes in Northern Electric; whether he supported the call for a emergency annual meeting; and what public comment he has made on whether Northern Electric is to accept the offer of Trafalgar House plc.

Asked by

Jim Cousins (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

20 June 1995

Reference

262 c151W

House

House of Commons

Treasury

If he will set out the terms of reference of the Treasury Inquiry into the circumstances surrounding the sale of PowerGen and National Power stock in March; if he will name the official who is conducting this inquiry; if the completed inquiry report will be published in full. - (Holding...

Asked by

Lord Darling of Roulanish (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

20 June 1995

Reference

262 c153W;262 c152-3W

House

House of Commons

Treasury

What progress has been made on his Budget proposal to extend personal equity plans to corporate bonds, preference shares and convertibles.

Asked by

Matthew Banks (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

23 March 1995

Reference

257 c289W;257 c287W

House

House of Commons

Treasury

Statement on the outcome of the Government's sale of substantially all of its shareholdings in National Power plc and PowerGen plc. - Includes figures.

Asked by

Matthew Banks (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

6 March 1995

Reference

256 c72-4W

House

House of Commons

Treasury

If he will request the Board of Inland Revenue to review its interpretation of S. 360(3)(b) of the Income and Corporation Taxes Act 1988 as set out in the Tax Bulletin for December 1994, with special reference to the expressed interpretation of management as being of a company as a...

Asked by

Michael Stern (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

2 March 1995

Reference

255 c666W;255 c664-5W

House

House of Commons

Treasury

What plans he has to amend the tax law regarding the buy back of company shares.

Asked by

Martin Redmond (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

13 February 1995

Reference

254 c478W

House

House of Commons

Treasury

If he will list the solicitors, banks, brokers, advertising agencies and public relations companies appointed to advise on the sale of Her Majesty's Government shares in National Power and PowerGen, with fees incurred so far in each case. - Table given but fees paid to firms as part of the...

Asked by

Brian Wilson (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

6 February 1995

Reference

254 c67-8W

House

House of Commons

Treasury

If he will list the costs incurred so far on the proposed sale of Her Majesty's Government shares in National Power and PowerGen; and if he will estimate future costs associated with this sale. - Includes fact that the cost of the National Power and PowerGen share offer will be...

Asked by

Brian Wilson (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

6 February 1995

Reference

254 c67W

House

House of Commons

Treasury

In what undertakings Her Majesty's Government retains a golden share; and in what circumstances rights relating to that golden share are to be used by Her Majesty's Government. - Table given.

Asked by

Peter L Pike (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

23 January 1995

Reference

253 c18W

House

House of Commons

Treasury

What plans he has to tax share option profits. - Ref to 252 c7-8W.

Asked by

Martin Redmond (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

16 January 1995

Reference

252 c289W

House

House of Commons

Treasury

If he will make profits on company directors' share options taxable.

Asked by

Martin Redmond (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

10 January 1995

Reference

252 c7-8W

House

House of Commons

Treasury

Pursuant to the Answer of 12th December c515-16W from the Secretary of State for Wales to the honourable Member for the Vale of Glamorgan, which Government agencies and non-departmental public bodies other than the Welsh Development Agency have taken part in the underwriting of (a) government privatisation share issues and...

Asked by

Rhodri Morgan (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

15 December 1994

Reference

251 c787W;251 c786-7W

House

House of Commons

Treasury

What tax consequences and payments to public funds accrue from the sale of 10 per cent. of BSkyB shares.

Asked by

Graham Allen (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

3 November 1994

Reference

248 c1277-8W;248 c1279-80W

House

House of Commons

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