§ Mr. Hardyasked the Secretary of State for Energy if he will estimate the value of preferential shares to be issued on the sale of British Gas to (a) senior managers and (b) members of the British Gas Board.
§ Mr. Buchanan-SmithThe value of the Government's preferential offers to all British Gas employees, including senior managers and board members, was described in my right hon. Friend's announcement on 18 June, at columns 537–39.
§ Mr. Hardyasked the Secretary of State for Energy if he will state his latest planned timetable for the privatisation of British Gas.
§ Mr. Buchanan-SmithMy right hon. Friend and I expect the sale of British Gas shares to take place in the autumn.
§ Mr. Hardyasked the Secretary of State for Energy what is the total estimated value of shares to be offered to British Gas employees on privatisation.
§ Mr. Buchanan-SmithThe total value of British Gas shares to be offered for sale, to employees and the public, will be disclosed when the flotation takes place. The specific offers to employees were described in my right hon. Friend's announcement on 18 June, at columns 537–39.
§ Mr. Hardyasked the Secretary of State for Energy what is the total cost of fees to be paid to the New York finance company for its part in the sale of British Gas shares.
§ Mr. Buchanan-SmithIt is not the Government's practice to publish the fees paid to individual firms for providing advice on privatisation exercises, as these are246W commercially confidential. Any commissions payable on the sale of shares in particular countries will be shown in the prospectus.