HC Deb 08 March 1976 vol 907 cc69-71W
Mr. Trotter

asked the Secretary of State for Industry to what extent shares and loan stock in North-East Coast Ship-repairers Limited are (a) owned by the State and (b) publicly quoted on a stock exchange; what is the company's business; through which subsidiaries it operates; why it is not to be included statements which my right hon. Friend laid before Parliament on 27th February, at the considerations shown in one of those statements and in the further statement that my right hon. Friend has laid today. In addition, the board has acquired publicly-owned shares in Dunford & Elliott Ltd. for a consideration of £122,111.

Mr. Heseltine

asked the Secretary of State for Industry what is the basis for valuing shares transferred from Government direct ownership to the National Enterprise Board; and under which part of the relevant statute the authority for this valuation is established.

Mr. Kaufman

The basis for valuation is defined in the Industry Act 1975, Schedule 2, paragraph 6.

Mr. Heseltine

asked the Secretary of State for Industry how many shares, and in which companies, have been transferred to the National Enterprise Board; and if he will give the percentage of the equity that such shares represent in the companies concerned.

Mr. Kaufman

The following shares have been transferred to the National Enterprise Board:

in the nationalised British Shipbuilders; and what is to happen to its securities at present publicly quoted.

Mr. Kaufman

The Government own all the issued ordinary share capital of North-East Coast Shiprepairers Limited. The 650,000 £1 cumulative preference shares remain in private hands and are quoted on the Stock Exchange. The company is a holding company of a group whose activities include shiprepairing and dry dock owning. It has the following wholly owned operating subsidiaries: The Middle Docks and Engineering Company Limited. Brigham & Cowan Limited. The Mercantile Dry Dock Company Limited. North East Coast Contractors Limited. Brigham & Cowan (Hull) Limited.* Greenwell Drydocks Limited.* *Shares held by Brigham & Cowan Limited.

North-East Coast Shiprepairers Limited and its subsidiaries together own 32 per cent. of the issued share capital of Tyne Tanker Cleaning Company Limited. The shares of North-East Coast Shiprepairers Limited will not vest in British Shipbuilders because it is a holding company which does not meet the criteria for nationalisation set out in paragraph 3 of Schedule 2 to the Aircraft and Shipbuilding Industries Bill. The shares which are publicly quoted will remain owned by their present owners unless they choose to sell them.