§ Mr. RedwoodTo ask the Secretary of State for Transport if he will list all shareholdings in public and private companies still held by his Department.
§ Mr. Peter BottomleyThere is one 25p special share in the Isles of Scilly Steamship Company acquired in the late 1960s in order to protect the Government's financial interests. It enables the Secretary of State to appoint one director to the board of the company.
The following ordinary shares in public and private companies are held by the Department:
Company Shareholding British Airways plc 9,837,614 25p ordinary shares BAA plc 21,828,280 25p ordinary shares British Channel Tunnel Company plc 4,739,131 £1 ordinary shares Mersey Docks and Harbour Company 4,137,265 10p ordinary shares The shares in British Airways and BAA have been retained in order to pay the loyalty bonus in accordance with the terms set out in the prospectuses.
In addition, we retain one £1 special share in each of BAA, Mersey Docks and Harbour Company, and Sealink (the rights attaching to these shares are set out in the articles of association of the companies concerned). The Department also has holdings of four shares in each of BA Share Offer and BAA Share Offer, the unlimited companies established to receive application moneys during the flotations of British Airways and BAA.