HC Deb 04 June 1996 vol 278 cc429-30W
Mr. Bayley

To ask the Secretary of State for Transport, pursuant to his answer of 24 April,Official Report, column 150, if he will make an announcement on the total costs of the Railtrack flotation including the amounts paid to consultants. [31260]

Mr. Watts

The costs to the Government of the Railtrack share offer are estimated to be as follows:

£ million
Advisers fees and expenses 9.4
Marketing (including prospectus production and distribution) 4.9
Receiving bank and share shops 1.3
Overseas costs 2.1
Commissions 24.8
Total (UK and overseas offer) 42.5

These costs represent some 2.2 per cent. of the estimated total proceeds due from the sale of shares. The costs exclude stamp duty and VAT on services provided to the Government, which are not net costs to the Exchequer. There will be some further expenditure in respect of the instalment collection and the issue of bonus shares.