§ Mr. Andrew MitchellTo ask the Chancellor of the Exchequer if he will make a further statement on the outcome of the Government's sale of part of its residual shareholding in British Telecommunications plc.
§ Mr. MaudeAs I announced on 9 December at column 299, Her Majesty's Treasury made a total of 1,050 million shares available to applicants in the United Kingdom public offer and 525 million shares to bidders in the international tender offer. In addition, S G Warburg Securities had the option to acquire further shares from Her Majesty's Treasury, up to a maximum of 118.125 million shares, for the purpose of meeting overallotments in the international tender offer.
On 7 January, S G Warburg Securities, as global co-ordinator for the sale, acquired a further 22.5 million shares from Her Majesty's Treasury, pursuant to this option. This brings to 547.5 million the total number of shares sold by Her Majesty's Treasury in the international tender offer and to 1,597.5 million the total size of the BT share sale.
The shares sold in the international tender offer were distributed across the 10 regional syndicates in the following proportions: 544W
Percentage United Kingdom 63.6 United States 17.6 Japan 5.3 Switzerland 4.9 Rest of the World 2.6 France 1.5 Germany 1.4 Italy 1.4 Canada 1.1 Benelux 0.6 100.0 Following the exercise of the option granted to the global co-ordinator, the Government will hold some 1,343.5 million shares in British Telecommunications plc (approximately 22 per cent. of the total currently in issue), before deducting any shares which may he needed to meet share bonus entitlements under the United Kingdom public offer.
Total gross proceeds from the sale of the offered shares amount to £5.43 billion, of which some £1.84 billion are received in this financial year.