§ Mr. Cashasked the Secretary of State for Trade and Industry if he will make a statement about the allocation of shares in the Rolls-Royce offer for sale.
§ Mr. ChannonA total of 2.025 million applications (including applications from eligible employees and pensioners of Rolls-Royce) were received for 3,145.9 million shares. 801,470,588 shares were available under the offer.
The basis of allocation will be as follows:
20W
Public applications Number of shares applied for Number of shares allocated 400–1,000 150 1,500–2,000 200 3,000–5,000 250 6,000–7,000 300
Number of shares applied for Number of shares allocated 8,000–10,000 350 15,000 425 20,000–100,000 12.5 1 Percentage of the number applied for. No allocation will be made in respect of applications in excess of 100,000 shares.
Applications from employees and pensioners of Rolls-Royce
A maximum of 10 per cent. of the total number of shares offered were reserved for the preferential offers of shares to eligible Rolls-Royce employees and pensioners. Over 43,700 employees and pensioners applied for more than 77.2 million shares on special preferential application forms. All valid applications received in the free, matching and discount offers will be met in full. The employee allocations under the priority offer (which includes allocation under the discount offer) and the pensioner allocations will be as follows:
Number of shares applied for Number of shares allocated Employees Pensioners Up to 4,000 in full in full 5,000 4,750 5,000 5,882 n/a 5,400 6,000 5,350 5,400 7,000 5,700 5,450 7,058 5,700 n/a 8,000 5,700 5,450 9,000 5.750 5,500 10,000 5,750 5,500 15,000 5,850 5,600 20,000 5,850 5,600 25,000 5,925 5,675 30,000 6,000 5,750 35,000 6,125 5,875 40,000 6,250 6,000 45,000 6,375 6,125 50,000 6,500 6,250 60,000 6,750 6,500 70,000 7,000 6,750 80,000 7,250 7,000 To the extent that any application under the employee and pensioner offers is not met in full, the excess will be rounded down to the nearest public application denomination, and an additional allocation will be made on that excess, as if it were a general public application. These additional allocations are included, where appropriate, in the above table.
United Kingdom institutional placing
473.8 million shares (approximately 59 per cent. of the offer) were placed with United Kingdom institutions. Because the offer was more than twice subscribed, the shares placed with United Kingdom institutions were reduced by approximately 79 million, which were made available to the public and eligible employees and pensioners of Rolls-Royce.