§ Mr. John Hynd
asked the Minister of Power if he will make a statement about the continued delay in settling the compensation value of the ordinary shares of G.K.N. Steel Company Limited.
§ Mr. Mason
Agreement has now been reached with the Stockholders' Representative on the value of the ordinary shares of G.K.N. Steel Company Limited (now renamed British Steel Corporation (Holdings) Limited). The value is £2 17s. 11.2d. for each £1 share, giving a total of about £42 million and the date for conversion is today.
The compensation value of all the securities vesting in the British Steel Corporation under the Iron and Steel Act, 1967, has now been settled. The total compensation value, excluding the 289W value of the securities of Richard Thomas and Baldwins Limited which was already in public ownership, is £563½ million.