§ Mr. Cantasked the Secretary of State for Industry why the reconstruction of Kierney and Trecker Marwin, involving a write-off of £5 million of Government investment and a further injection of £1.9 million in loans and non-voting shares, was made without reference to the National Enterprise Board.
§ Mr. Les HuckfieldUnder the proposed reconstruction, subject to the agreement of the shareholders, the authority of the House by affirmative resolution and the approval of the court, Vickers Limited, which has been managing the company under an agreement of August 1974, is to take a controlling interest. The Department will have redeemable preference shares in the company's reconstructed business and will accordingly keep a close watch on the company's progress.