§ Mr. Haselhurstasked the Secretary of State for Transport if he will make a further statement about the privatisation of the British Airports Authority.
§ Mr. ChannonThis morning up to 500 million ordinary shares in BAA plc have been offered for sale. The issue has been fully under-written at the finest rates ever achieved for a privatisation—an average of 0.0531 per cent. Up142W to 260 million shares are being offered to the general public, including BAA employees and pensioners, at a fixed price of £2.45 per share. 115 million shares have been placed firm with financial institutions at the fixed price and 125 million shares have been provisionally placed with institutions. These provisionally placed shares will be subject to clawback to satisfy successful tender applications made by individuals and institutions. Successful tender applications will be accepted at the price tendered, and normally in full.
Prospectuses and fixed price and tender application forms will be published in a number of national newspapers on Friday 10 July and Sunday 12 July. Everyone who has registered with the BAA Share Information Office will be sent a mini-prospectus containing the application forms. Prospectuses and application forms will also be available from 10 July at all United Kingdom branches of Midland Bank, Clydesdale Bank and Northern Bank, certain principal branches of other banks and a number of stockbrokers. Applications must be received by 10 am on Thursday 16 July. Copies of the prospectus will be placed in the Library of the House on 10 July.