§ Mr. Thurnhamasked the Secretary of State for Trade and Industry if he will explain the reasons for the provision of the golden share in the sale of Jaguar plc.
§ Mr. Peter MorrisonThe special rights redeemable share ("golden share"), was issued on the privatisation of Jaguar plc in August 1984. It gives its holder, the Secretary of State for Trade and Industry, the right to veto alterations to provisions in Jaguar's articles of association limiting individual shareholdings to 15 per cent., and thus protects Jaguar from the threat of unwelcome takeover bids in its formative years as an independent company. The golden share will lapse on 31 December 1990.