§ Mr. Haselhurstasked the Secretary of State for Transport if he will make a statement about the tender offer in the British Airports Authority flotation.
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§ Mr. ChannonThe tender element in the offer for sale has proved very successful. Valid tender applications at or above 283p per share will be satisfied in full. Valid applications at 282p per share will be accepted and an allocation of about 15 per cent. of the shares applied for will be made.
The level of subscription for tender shares means that all the 125 million shares provisionally placed with institutions at the fixed price of 245p have been clawed back and the taxpayer will benefit by an extra £56 million of proceeds.