§ Lord Spensasked Her Majesty's Government:
Whether they will give a breakdown of the costs incurred to date of the inspectors' investigation into the flotation of MGN plc.
§ The Minister of State, Department of Trade and Industry (Lord Simon of Highbury)The costs incurred to date of the inspectors' investigation into the flotation of Mirror Group Newspapers plc are £1,410,577 in respect of lawyers' fees and expenses and £5,796,352 in respect of accountants' fees and expenses.
§ Lord Spensasked Her Majesty's Government:
What are the terms of reference for the inspectors appointed in 1992 to investigate the circumstances of the flotation of MGN plc.
§ Lord Simon of HighburyThe inspectors were appointed under Sections 432 and 442 of the Companies Act 1985 to investigate and report on the affairs and membership of Mirror Group Newspapers plc. They were asked to look, in particular, at the offers for sale of the company's shares in early 1991.
§ Lord Spensasked Her Majesty's Government:
Whether they are satisfied that counsel appointed to investigate the flotation of MGN plc has adequate time to devote to this task in the light of his subsequent appointment as a judge.
§ Lord Simon of HighburyYes. It is for the judge, in consultation with his Head of Division, to determine his duties, including his obligations as a Companies Act inspector.