HC Deb 10 January 1977 vol 923 c360W
Mr. Grylls

asked the Secretary of State for Industry what was the price paid by the National Enterprise Board for the 750,000 ordinary and the 200,000 cumulative preference shares in Sinclair Radionics Limited; and when the approval was given by the Secretary of State under Section 10 of the Industry Act 1975, for the National Enterprise Board to acquire more than 30 per cent. of the shares.

Mr. Les Huckfield

The NEB paid £650,000 for 75,000 ordinary shares and 200,000 cumulative preference shares in Sinclair Radionics Ltd.

My right hon. Friend gave his approval on 20th October last, under Section 10 of the Industry Act 1975, to the NEB acquiring more than 30 per cent. of the voting equity of the company.

In my reply of 7th December last—[Vol. 922, c. 149–50], I said that the acquisition by the NEB of 75,000 ordinary shares in Sinclair Radionics gave the board 37½ per cent. of the company's enlarged ordinary share capital. This should have been 42.9 per cent. I apologise for this error.