§ Lord Oakeshott of Seagrove Bayasked Her Majesty's Government: (a) what was the total amount of equity investment by W S Atkins plc or its subsidiaries in Connect Roads Limited; (b) when that investment was made; (c) for how much and when that equity investment was sold; and (d) what drawback or profit share arrangements were in place in respect of that investment; and, if none, why not. [HL319]
§ Lord Davies of OldhamI understand that W S Atkins was a minority shareholder in the holding company Connect Roads Limited. Her Majesty's Government do not have private finance roads contracts with Connect Roads Limited, only with subsidiaries of the holding company. Details of W S Atkins's investment in Connect Roads Limited are a commercial matter for the companies concerned to which Her Majesty's Government are not privy.
Contracts were awarded to the subsidiaries of the holding company, Connect Road A50 Limited and Connect Road A30/A35 Limited, on 20 May 1996 and 24 July 1996 respectively.
The purchase of W S Atkins's equity investment by Balfour Beatty was announced on 21 November 2003. The amount paid is a commercial matter for the companies concerned to which Her Majesty's Government are not privy.
The contracts do not provide for profit sharing or clawback in cases of changes of ownership of share capital. Such transactions do not constitute refinancing.