§ Mr. George Rogersasked the Chancellor of the Exchequer whether Her Majesty's Government has decided to exercise its rights in the proposed issue of shares by the British Petroleum Company Limited.
§ Mr. CallaghanYes. Existing stockholders will have the right to subscribe for one new share of £1 for every £13 nominal of ordinary stock held, at a price of 50s. per share. The first instalment of 25s. per share will be payable not later than 17th March, 1966, and the balance of 25s. per share not later than 19th May, 1966. The Government own £162 million nominal of ordinary stock and have therefore been allotted 12,461,538 new shares. The Government intend to subscribe for the whole of this allotment. The total cost will 173W be £31,153,845. Of this £15,576,922 10s. will fall in the current financial year and a similar amount in 1966–67. An Estimate for this year's expenditure will be presented in due course, and provision for the 1966–67 expenditure will be included in the main Estimates for that year.