HC Deb 21 October 1987 vol 120 cc792-3W
Mr. Spearing

asked the Chancellor of the Exchequer if he will state the limits he is setting in the proportion of the different categories of British Petroleum shares of £6.5 billion and £1.5 billion, respectively, that can be made available to (a) citizens in the United Kingdom, (b) domestic financial institutions and (c) foreign citizens or financial institutions; and if he will make a statement.

Mr. Norman Lamont

Details of the combined BP share offer are set out in the prospectus, a copy of which has been placed in the Library. The offer has been fully underwritten.

The combined offer comprises:

  1. (a) a fixed price offer, at an offer price of 330p per share payable in instalments, consisting of an initial allocation of 1,094 million ordinary shares for the general public and existing shareholders (except Her Majesty Treasury) in the United Kingdom and certain overseas countries and separate offers to existing shareholders in the United States, Canada and Japan; and
  2. (b) an international offer to United Kingdom institutional and overseas investors, at a price not less than the offer price (330p) also payable in inistalments, consisting of an intial allocation of 1,100 million ordinary shares.