§ Mr. Kenneth Clarkeasked the Secretary of State for Industry what agreements were entered into by the Government at the time of acquiring shares in Ferranti or thereafter to dispose of any part of the Government's holding in Ferranti in the future; what steps the Government and the National Enterprise Board are proposing to comply with these agreements; and whether the Government will authorise the National Enterprise Board to sell its holding in Ferranti beyond the extent that it is obliged to do by agreement.
§ Mr. Les HuckfieldThe House was informed by my right hon. Friend, the then Secretary of State for Industry on 14th May 1975—[Vol. 892, c. 457–8.]—that, under paragraph 10(a) of the heads of agreement entered into between the Government and the company, the Government undertook to dispose of 1,333,333 non-voting shares on conditions set out in those heads of agreements. The Board subsequently accepted this obligation when the Government's shareholding in the company was transferred to it. Consideration is now being given to the matter by the parties concerned and a statement will be made in due course. No proposals have been made to the NEB for sale of any of its holding in Ferranti beyond this, and therefore my right hon. 97W Friend has not found it necessary to reject such proposals.