§ 4. Mr. Eggarasked the Secretary of State for Industry if he is satisfied with the degree of take-up of British Aerospace shares by employees.
§ Mr. Michael MarshallI am delighted with the response of employees under the special arrangements for them to acquire shares. Almost 90 per cent. of those eligible took up the offer of free shares and over 40 per cent. bought shares in the company. Over 6 per cent. of the shares on offer are now held by the employees.
§ Mr. Ernie Rossasked the Secretary of State for Industry whether any costs have been incurred since the reply to the hon. Member for Nuneaton (Mr. Huckfield), Official Report, 16 February, c. 54, in connection with the flotation of British Aerospace; and whether he expects any future costs to arise.
§ Mr. Michael MarshallA total of £3,604,482.43—including value added tax—was paid between 16 February and 5 March to meet costs incurred in connection with the flotation of the British Aerospace public limited company, the largest item being the underwriting commission of 1¾percent. of the price of the offered shares. The estimated total costs remain as set out in my hon. Friend's reply to the hon. Member for Nuneaton (Mr. Huckfield). No significant costs have been incurred since applications for shares were dealt with or are likely to be incurred in future.