§ Peter BradleyTo ask the Secretary of State for Transport, Local Government and the Regions what the value was of one share in Railtrack at(a) the time of privatisation and (b) at 1 October for each year thereafter. [16060]
§ Mr. JamiesonThe flotation price of a share in Railtrack Group plc on 20 May 1996 was 380p. The share price for Railtrack Group plc for 1 October in each subsequent year is as follows:
- 1 October 1996: 491p
- 1 October 1997: 902p
- 1 October 1998: 1,713p
- 1 October 1999: 1,320p
- 1 October 2000: 1,109p
- 1 October 2001: 265p.
§ Mr. RedwoodTo ask the Secretary of State for Transport, Local Government and the Regions what advice the Government sought about the timing of an announcement to the stock exchange of the changed plans for Railtrack plc. [16378]
§ Mr. SpellarIn reaching his decision on 5 October, my right hon. Friend the Secretary of State had regard to the responsibilities and duties that Railtrack Group plc has as a stock exchange quoted company.
§ Mr. RedwoodTo ask the Secretary of State for Transport, Local Government and the Regions what his estimate is of the legal fees for advice to his Department(a) incurred so far and (b) likely to be incurred in the rest of the 2001–02 financial year on the issues arising from the Railtrack administration. [16373]
§ Mr. SpellarI estimate that since Railtrack went into administration on 7 October 2001, my Department has incurred legal fees of approximately £400,000 for advice on issues arising from the administration. At this stage it is not possible to give an accurate estimate for the rest of this year, but it will be within the Department's budget for such matters.
497W
§ Mr. RedwoodTo ask the Secretary of State for Transport, Local Government and the Regions what accountancy advice he took on the financial position of Railtrack in connection with the petition for administration. [16376]
§ Mr. SpellarThe Secretary of State received advice on Railtrack's financial position on an on-going basis. It was accountancy and financial advice that provided the evidence of a deficit of £700 million by 8 December rising to £1.7 billion by the end of March 2002, which formed the basis for the administration order. This evidence was not challenged in the High Court by Railtrack.
§ Mr. RedwoodTo ask the Secretary of State for Transport, Local Government and the Regions what(a) guidance and (b) instruction has been issued to Railtrack in administration by the Government on employment in the company. [16364]
§ Mr. SpellarNo such guidance or instruction has been issued.
§ Matthew TaylorTo ask the Secretary of State for Transport, Local Government and the Regions, pursuant to his answer of 7 November 2001,Official Report, column 289W, on letters of comfort, if he will make it his policy to place such letters in the Library; what representations he has received from potential financiers of the successor body to Railtrack for non-legally binding assurances from the Government on their support for Railtrack's successor body; and if he will make a statement. [16730]
§ Mr. JamiesonThe Government are not anticipating having to provide any non-legally binding assurances on their support. If contingent liabilities are required to be entered into, they will be notified to Parliament as part of the standard procedure.
§ Mr. Clifton-BrownTo ask the Secretary of State for Transport, Local Government and the Regions what arrangements are in place for private investors to invest in the not-for-profit company replacing Railtrack; and if he is in negotiation with such investors. [16769]
§ Mr. Jamieson[holding answer 21 November 2001]: I refer the hon. Member to the reply given by my right hon. Friend the Secretary of State to the right hon. Member for Wokingham (Mr. Redwood) on 31 October 2001, Official Report, column 671W.
§ Miss McIntoshTo ask the Secretary of State for Transport, Local Government and the Regions, pursuant to her answer of 30 October 2001,Official Report, column 571W, what recent ministerial meetings there have been with the chair of the Strategic Rail Authority. [17119]
§ Mr. JamiesonI refer the hon. Member to the reply given to the hon. Member for Brentwood and Ongar (Mr. Pickles), on 31 October 2001,Official Report, column 668W.
§ Mrs. MayTo ask the Secretary of State for Transport, Local Government and the Regions, pursuant to his answer of 19 November 2001,Official Report, column 31W, on Railtrack, if he will set out the basis on which his Department determined the value of assets of Railtrack plc for the purposes of assessing the company's solvency, as requested. [17780]
498W
§ Mr. ByersAs my previous reply stated, the solvency of a company is assessed on the basis of its ability to meet its debt liability payments; and this is the basis on which evidence was produced for the petition to the High Court. The determination of the value of the assets in Railtrack plc is a matter for the administrator.
§ Mrs. MayTo ask the Secretary of State for Transport, Local Government and the Regions what information regarding the financial position of Railtrack was received by his Department between(a) 28 September and 1 October and (b) 1 October and 5 October. [17226]
§ Mr. Byers[holding answer 22 November 2001]: Between those dates my Department received various information on the financial position of Railtrack from various sources.
§ Mr. HowardTo ask the Secretary of State for Transport, Local Government and the Regions what comparative assessment he has made of the likely impact on the public finances of a takeover of Railtrack by(a) a not-for-profit company and (b) a private company. [17744]
§ Mr. SpellarIt will be for the administrator to assess and make recommendations on proposals for how Railtrack plc's property rights and liabilities are transferred out of administration as a going concern and to put a transfer proposal to my right hon. Friend the Secretary of State for approval. Guidelines on the criteria upon which my right hon. Friend will need to be satisfied before approving any proposal put forward by the administrator were set out in reply my hon. Friend the Member for Gedling (Vernon Coaker) on 31 October 2001,Official Report, column 669–71W.