§ Mr. Onslowasked the Secretary of State for Trade and Industry if he will list the amounts provided to Rolls-Royce (1971) Limited by Her Majesty's Government in connection with the purchase of the aero-engine assets of Rolls-Royce 215W Limited and the provision of working capital.
Date of payment Amount £ Purposes of the payment 2nd March, 1971 … 20m. Payment to the Receiver of Rolls-Royce Ltd. to meet the acquisition by Her Majesty's Government of the patents and industrial property rights previously held by Rolls-Royce Ltd. This payment was regarded as satisfying the first instalment payable under the Heads of Agreement announced by the Minister of Aviation Supply on 19th March towards the price to be paid for the assets acquired by Rolls-Royce (1971) Ltd. and Her Majesty's Government. 30th March, 1971 … 50,000 A loan of working capital advanced to Rolls-Royce (1971) Ltd. pending that company taking possession of the assets and its capitalisation as a going concern. This loan was repaid on 31st August, 1971. 31st March, 1971 … 10m. *A payment to Rolls-Royce (1971) Ltd. with which they were able to pay the Receiver a further instalment of that amount on the price to be paid for the assets. 21st May, 1971 … 20m. Payment to Rolls-Royce (1971) Ltd. for the acquisition of 20m. £1 ordinary shares in that company to provide working capital. 20th July, 1971 … 5m. A loan of working capital advanced to Rolls-Royce (1971) Ltd. under interim financing arrangements pending its full capitalisation. * This payment was advanced as a loan to the company. It is the intention that this loan shall be discharged in the near future by the issue to Her Majesty's Government of 10m. £1 ordinary shares in the company.