§ Mr. Shoreasked the Chancellor of the Exchequer if he will list those public companies which have been formed since May 1979 out of assets previously owned by public: corporations; and if he will list in each case the percentage of their shares held by the Government and their agencies.
§ Sir Geoffrey Howe[pursuant to his reply, 24 July 1981]: Three Companies Act companies which are, or may become, public companies have been formed. These 505W are British Aerospace Limited, the National Freight Company Limited and Gleneagles Hotels Limited. British Aerospace Limited was formed as a public company on 1 January of this year and a 52 per cent. shareholding was sold on 13 February leaving a 48 per cent. Government shareholding. The National Freight Company became a Companies Act company on 1 October 1980. The Government currently own 100 per cent. of the shareholding in the company, but are at present considering an offer for the shares from a management-led consortium. Gleneagles Hotels Limited was formed as a public company on 22 June 1980. One third of the shares are owned by British Rail, the remainder being held by a range of private sector investors. British Rail has also established a new wholly owned subsidiary, British Rail Investments Limited, which will be handling the introduction of private capital into others of its subsidiaries.