§ Mr. Raisonasked the Secretary of State for Trade and Industry what are the defined circumstances, referred to in the statement by the President of the Board of Trade on 4th February, 1964, in which the National Film Finance Corporation is able to give consent to the disposal by British Lion of its interest in Shepperton Studios Limited.
§ Mr. Anthony GrantThe relevant provision in the assurance given by the NFFC to British Lion is as follows
While any sale or disposal of British Lion's interest in Shepperton Studios Limited or of that Company's interest in any real property shall require the consent of the holder of the Special Preference Share of British Lion, our intention is that such consent will he given if:
- (a) assurances are given which satisfy the holder of the Special Preference Share that there are satisfactory alternative studio facilities available to British Lion (to which similar restrictions would then subsequently apply); or
- (b) it can be shown to the satisfaction of the holder of the Special Preference Share that the Shepperton Studios can only be operated at a critical loss and that there is no reasonable prospect of their being operated as studios for cinematograph film production on a profitable basis in the foreseeable future."