§ Mr. Stanleyasked the Secretary of State for Industry whether it is still the case that the grant to Kirkby Manufacturing and Engineering Ltd. of £3.9 million announced on 1st November 1974 is aid that is strictly once and for all.
§ Mr. Gregor MackenzieYes.
§ Mr. Stanleyasked the Secretary of State for Industry whether the condition precedent that the constitution of the co-operative should be settled before any payment of grant to Kirkby Manufacturing and Engineering Ltd. was met in accordance with his Department's letter of 3rd December 1974 to J. Spriggs Esq. and D. Jenkins Esq.
§ Mr. Gregor MackenzieIt was a condition in the Department's letter of 3rd December that KME should be a properly constituted limited company and that the constitution of the co-operative should be settled before payment of grant to the company commenced. KME was incorporated as a company with limited liability under the Companies Acts on 6th December 1974. The Department had also seen and commented on a draft of8W the constitution before any payment was made and it was decided in the circumstances to waive this condition.
§ Mr. Stanleyasked the Secretary of State for Industry whether other directors in addition to Mr. J. Spriggs and Mr. R. Jenkins have been appointed to the Board of Kirkby Manufacturing and Engineering Limited.
§ Mr. Gregor MackenzieNo. I understand that it is the intention of KME to appoint other directors shortly.
§ Mr. Stanleyasked the Secretary of State for Industry whether he is satisfied that Kirkby Manufacturing and Engineering Limited is not in jeopardy.
§ Mr. Gregor MackenzieYes.
§ Mr. Stanleyasked the Secretary of State for Industry what is now the present issued share capital of Kirkby Manufacturing and Engineering Limited; and whether he will list the shareholders and their respective shareholdings.
§ Mr. Gregor MackenzieThe authorised share capital is 5,000 shares of £1 each, of which two have been issued, one each to Mr. J. Spriggs and Mr. R. Jenkins. I understand that other workers will be acquiring shares shortly.
§ Mr. Stanleyasked the Secretary of State for Industry whether the constitution of the co-operative at Kirkby Manufacturing and Engineering Limited has been finalised; and whether he will place a copy in the Library.
§ Mr. Gregor MackenzieKME has settled its constitution and only a few technical points remain to be finalised. I expect mat the company will make its constitution public, and in that event I shall gladly place a copy in the Library.
§ Mr. Stanleyasked the Secretary of State for Industry whether, since the conclusion of the formal agreement between his Department and Kirby Manufacturing and Engineering Limited, he has given the company his written consent either (a) to sell, transfer or otherwise dispose of—save in the normal course of trading—the whole or any substantial part of its undertaking or its assets, or (b) to make 9W any distribution to its members, or (c) borrow or—except in the ordinary cause of business—lend.
§ Mr. Gregor MackenzieIt is not in accordance with normal practice to give such details, since to do so would breach commercial confidence.