HC Deb 17 November 1981 vol 13 cc98-9W
Mr. Proctor

asked the Secretary of State for Industry (1) what was the final allocation of the total shares of Cable and Wireless Ltd. to applicants requesting under 1,000 shares; and if he is satisfied with this allocation to small investors;

(2) under whose auspices the Cable and Wireless Ltd. share ballot was conducted;

(3) how many applicants for fewer than 1,000 shares in Cable and Wireless Ltd. received none; and how many applicants for over 1,000 shares received more.

Mr. Wakeham

The figures below relate to applications: it is not possible to distinguish between applications and applicants. They do not include applications from employees, which were met in full. Approximately 187,400 applications for fewer than 1,000 shares were unsuccessful in the share ballot and received no shares. Approximately 10,200 applications received more than 1,000 shares.

About 20.5 million shares were allocated to applications for under 1,000 shares. This represents 15 per cent. of the total shares offered whereas applications at that level were made for 9 per cent. of the total number of shares applied for. The Government are satisfied with this relatively favourable allocation to small investors.

The share ballot was conducted under the auspices of a notary public.

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