HC Deb 13 June 1967 vol 748 cc55-6W
62. Sir Knox Cunningham

asked the Minister of Power whether Her Majesty's Government will reverse their repudiation of the guarantee given in respect of 51 per cent. Cumulative Redeemable Preference Shares of the English Steel Corporation Limited, namely, that on the return of assets on or before 30th June, 1984 the repayment shall be 20s. plus 10 per cent. thereof; and if he will implement the spirit of this guarantee.

Mr. Freeson

On nationalisation, the company will not be liquidated nor otherwise return its assets and the guarantee does not arise. Fair compensation for the shares vesting in the National Steel Corporation is provided under the Iron and Steel Act.