§ Sir Michael McNair-WilsonTo ask the Secretary of State for Northern Ireland if he will make a statement about progress with the privatisation of Short Brothers.
§ Mr. Viggers(pursuant to his reply of 22 December 1988): An information memorandum relating to Short Brothers plc which has been prepared to assist potential purchasers in formulating preliminary proposals is being issued today by Kleinwort Benson, financial advisers to the Government. Prospective purchasers will have until 10 February to submit their proposals, and are also being asked to supply information about their present activities and future strategy. A shortlist of possible purchasers will thereafter be drawn up. In my statement of 21 July, 1988, I said that Her Majesty's Government's preference was to sell the company as a whole and it is on this basis that proposals are now being invited from private sector interests.
The Government will continue to stand behind the company in the period leading to privatisation. When the company is privatised, the Government intend to ensure that it will have a capital structure which will enable it to operate without the need for Government assurances to creditors, and such assurances will be withdrawn so far as new obligations are concerned.
The company's accounts for the year ended 31 March 1988 have also been placed in the Library today.