§ 1990. Mr. Gordon BrownTo ask the Chancellor of the Exchequer which special shares held by Her Majesty's Government in privatised companies expire in(a) 1988, (b) 1989 and (c)
§ Mr. Norman Lamont[holding answer 18 December 1987]: The articles of association of the companies concerned give the definitive statement of rights and restrictions attaching to the Government's special shares. However, the redemption of such shares is normally at the request of the special shareholder, with the following exceptions:
- (i) Jaguar: the company will redeem the special share on 31 December 1990;
- (ii) Enterprise Oil: the company will redeem the special share on 31 December 1988, unless circumstances arise in which the special shareholder is permitted to elect for a later date;
- (iii) Amersham International: the special share cannot be redeemed earlier than 31 March 1988.