HC Deb 09 February 1960 vol 617 c219
35. Mr. Dugdale

asked the Secretary of State for the Colonies what form of Maltese participation there is to be in Messrs. C. H. Bailey (Malta) Ltd.

Mr. Iain Macleod

Bailey (Malta) Ltd., is a wholly-owned subsidiary of C. H. Bailey Ltd., and Maltese participation takes the form of shareholding in the parent company. Many have taken advantage of this, and Maltese holdings already amount to 10 per cent. of the total issued share capital. A Maltese, Mr. Cecil Pace, is a local director of the firm.

Mr. Dugdale

Can the Minister say whether the Maltese shareholders have any voting rights, or whether they are simply holding debenture shares which have no voting rights whatever?

Mr. Macleod

I should like notice of that point, but it is the intention of the company to provide opportunities for most of its employees, either through share-holding or profit-sharing, to become directly interested in the success of this firm.