Written question asked by Llew Smith (Labour), in the House of Commons. It was due for an answer on Wednesday, 16 October 1996. It was answered by Richard Page (Conservative) on Wednesday, 16 October 1996 on behalf of the Department of Trade and Industry.

Dept of Trade and Industry

Question: To comment on the factors underlying the decision not to sell 12.3 per cent. of British Energy shares during the privatisation of the company.

Answer: Mr. Llew Smith: To ask the President of the Board of Trade if he will make a statement on the factors underlying the decision not to sell 12.3 per cent. of British Energy shares during the privatisation of the company. [40503] Mr. Page: In line with previous privatisations, and as set out in detail in the British Energy share offer prospectus, up to 90 million shares in British Energy plc were retained by the Secretary of State at the time of the offer to cover the over-allotment option granted to BZW. Following settlement of that option on 13 August, the Secretary of State retained approximately 85.9 million shares, of which approximately 5 million represent shares retained to satisfy potential entitlements to bonus shares under the Uk public offer.

Secondary information