§ Mr. Warrenasked the Secretary of State for Trade and Industry what was the compensation paid by Her Majesty's Government to stockholders of (a) Messrs. Kincaid, (b) Vosper and (c) Brooke Marine; what information he has as to what was shown under the item "cash" in each of those company's accounts at the time of nationalisation; and if he will make a statement.
§ Mr. ButcherThe companies' balance sheets at the vesting date, I July 1977, showed the following:
£ John G. Kincaid and Co. Bank balances and cash on hand 3,305,787 Brooke Marine Ltd. Bank and cash 2,192,000 A special balance sheet for the nationalised business of Vosper Ltd. showed: Bank balances and cash 5,466,000 The compensation paid to stockholders, which in accordance with the Aircraft and Shipbuilding Industries Act 1977 was negotiated by reference to the value of the shares during a period of six months ending on 28 February 1974, was as follows:
£ John G. Kincaid and Co. 3,927,000 Vosper Companies 5,300,000 Brooke Marine Ltd. 1,800,000 My right hon. Friend the then Secretary of State for Industry on 7 August 1980 announced that the Government had reluctantly come to the conclusion that there was no satisfactory way to alter the 1977 compensation terms.