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Dept for Environment Food and Rural Affairs

To ask the Secretary of State for Environment, Food and Rural Affairs, when the British Waterways Board acquired a shareholding in Easynet plc; for what reasons; and what the size of the shareholding is. - Inc figures.

Asked by

Richard Ottaway (Conservative)

Answering body

Department for Environment, Food and Rural Affairs

Type

Written questions

Status

Answered

Tabled on

9 June 2004

For answer on

17 June 2004

Answered on

17 June 2004

Richard Ottaway: To ask the Secretary of State for Environment, Food and Rural Affairs when the British Waterways Board acquired a shareholding in Easynet plc; for what reasons; and what the size of the shareholding is. [178870] Alun Michael: Prior to 2000, British Waterways and GEC, each invested £147,000 into a joint venture (Fibreway), which laid fibre optic cables under many of British Waterways' towpaths and sold capacity to telecoms operators. In May 2000, GEC decided to concentrate its future activity on telecoms business, under the Marconi name and wanted to invest £200-300 million in expanding Fibreway. Fibreway was therefore restructured, and British Waterways received an annual payment and a 10 per cent. equity share in the new Fibreway business ipsaris. In June 2001 ipsaris effectively split its business into two components. The mast site business was transferred to Ultramast and the fibre optic business was listed by way of a reverse takeover of Easynet. Marconi sold 92 per cent. of its share in ipsaris to Easynet in return for 77.5 million shares in the enlarged group. The deal meant that British Waterways received a 2.6 per cent. share of Easynet and a stake in the Ultramast business. The fibre optic business has continued successfully as part of the Easynet portfolio and British Waterways Board now owns approximately 2 million shares in the business (1.8 per cent.). This is valued at around £2.1 million today, compared with the initial outlay of £147,500. Easynet also continues to pay an annual sum to British Waterways for the use of the wayleave.

Date

17 June 2004

Reference

178870; 422 c1100W

House

House of Commons

Finance Bill 2000/01

Finance Bill. New clause 3 (for report stage). Exemption from Capital gains tax .Considered 9 May 2001. Withdrawn.

Lead member

Richard Ottaway

Type

Legislative formal proceedings

Date

9 May 2001

Reference

Consideration of Bill 524

House

House of Commons

Finance Bill 2000/01

Finance Bill. New clause 4 (for report stage). Substantial shareholdings:deferral of capital gains tax .Considered 9 May 2001. Withdrawn.

Lead member

Richard Ottaway

Type

Legislative formal proceedings

Date

9 May 2001

Reference

Consideration of Bill 525

House

House of Commons

Finance Bill 2000/01

Finance Bill. New clause 10 (for Standing Committee). Exemption from Capital gains tax .Not considered.

Lead member

Richard Ottaway

Type

Non-legislative formal proceedings

Date

9 April 2001

Reference

SCA 5

House

House of Commons

Finance Bill 2000/01

Finance Bill. New clause 11 (for Standing Committee). Substantial shareholdings:deferral of capital gains tax .Not considered .

Lead member

Richard Ottaway

Type

Non-legislative formal proceedings

Date

9 April 2001

Reference

SCA 6

House

House of Commons

Dept of the Environment Transport and the Regions

To ask the Secretary of State for the Environment, Transport and the Regions, pursuant to his Answer (313 c637W, 11 June 1998), relating to the future of NATS, if he will comment on the powers attaching to the golden share.

Asked by

Richard Ottaway (Conservative)

Answering body

Department of the Environment, Transport and the Regions

Type

Written questions

Status

Answered

Date

23 June 1998

Reference

46474; 314 c433W

House

House of Commons

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