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Private equity. Minutes of evidence 20 June 2007. (Printed in HC 567)

Type

House of Commons papers; Select Committee oral evidence; Parliamentary committees

Committee

Treasury Committee

Date

20 June 2007

Reference

HC 567-ii 2006-07

House

House of Commons

Qinetiq

To ask the Secretary of State for Defence if he will refer the sale of Qinetiq to Carlyle in 2002 to the National Audit Office.

Asked by

Vincent Cable (Liberal Democrat)

Answering body

Ministry of Defence

Type

Written questions

Status

Answered

Date

2 February 2006

Reference

46895; 442 c707W

House

House of Commons

Ministry of Defence

To ask the Secretary of State for Defence, when he expects to conclude the deal with the Carlyle Group for the partial sale of QinetiQ.

Asked by

Llew Smith (Labour)

Answering body

Ministry of Defence

Type

Written questions

Status

Answered

Date

28 February 2003

Reference

98041; 400 c739W;400 c731W

House

House of Commons

Ministry of Defence

To ask the Secretary of State for Defence, with reference to the departmental minute placed in the Library on 17th December 2002, if he will estimate the maximum potential value of the retained liabilities to which the taxpayer will be exposed as a consequence of the sale of a 33.8...

Asked by

Gerald Howarth (Conservative)

Answering body

Ministry of Defence

Type

Written questions

Status

Answered

Tabled on

29 January 2003

For answer on

4 February 2003

Answered on

4 February 2003

Mr. Gerald Howarth: To ask the Secretary of State for Defence with reference to the departmental minute placed in the Library on 17 December 2002, if he will estimate the maximum potential value of the retained liabilities to which the taxpayer will be exposed as a consequence of the sale of a 33.8 per cent. shareholding in QinetiQ to Carlyle Group. [94952] Dr. Moonie: As disclosed in the departmental minute of 17 December 2002, there is a group of warranties for which Ministry of Defence has a maximum liability equivalent to the cash proceeds received in relation to the transaction. The precise value of these proceeds will not be confirmed until after the completion accounts have been finalised, but is currently forecast to be £140 to £150 million. In setting MOD's maximum liability to the purchaser, we have deducted the £50 million already received as part of the PPP process, as this was a previous payment made directly to MOD by QinetiQ. In addition, as set out in the departmental minute, MOD has given further indemnities for which the maximum possible exposure is as follows: compensation for the premature cancellation for the 25-year Long Term Partnering Agreement for Ranges and Test and Evaluation services (sliding scale from £40 million in year one to zero at the end of year three); an actuarial adjustment to the QinetiQ pension fund (maximum £45 million); certain specific provisions in QinetiQ's accounts (maximum £4.3 million); and costs arising but not yet incurred related to vesting of QinetiQ (maximum £3 million). The actual costs that might arise in these areas are impossible to predict. However, MOD has taken measures which we believe reduce the potential financial risks to a very low level, and we do not anticipate making significant payments against these contingent liabilities.

Date

4 February 2003

Reference

94952; 399 c171W

House

House of Commons

Prime Minister

To ask the Prime Minister, what discussions and correspondence (a) he and (b) his Office has had with representatives of the Carlyle Group since 1st May 1997.

Asked by

Norman Baker (Liberal Democrat)

Answering body

Prime Minister

Type

Written questions

Status

Answered

Date

23 January 2003

Reference

91529; 398 c490W;398 c488W

House

House of Commons

Ministry of Defence

To ask the Secretary of State for Defence, if he will make a statement on the timing of his placing in the Library his departmental minute on the sell-off of QinetiQ to the Carlyle Group.

Asked by

Llew Smith (Labour)

Answering body

Ministry of Defence

Type

Written questions

Status

Answered

Date

22 January 2003

Reference

91962; 398 c331W

House

House of Commons

Ministry of Defence

To ask the Secretary of State for Defence, if he will make it his policy to postpone to go-ahead with the sale of QinetiQ to the Carlyle Group until Parliament has an opportunity to evaluate and debate the proposals set out in his departmental minute of 17th December 2002.

Asked by

Llew Smith (Labour)

Answering body

Ministry of Defence

Type

Written questions

Status

Answered

Date

22 January 2003

Reference

92300; 398 c331W

House

House of Commons

Developments with Qinetiq. Minutes of evidence 21 January 2003.

Type

House of Commons papers; Select Committee oral evidence; Parliamentary committees

Committee

Defence Committee

Notes

Received 09.04.03

Date

21 January 2003

Reference

HC 322-i 2002/03

House

House of Commons

QINETIQ SELL OFF AND PARLIAMENTARY PROCEDURE

That this House disapproves of the proposals set out in the Ministry of Defence departmental minute, dated 17th December 2002, to retain in the public sector liabilities amounting to almost ??100 million as part of the deal done with the Carlyle Group to sell-off the defence evaluation organisation QinetiQ; believes...

Primary sponsor

Llew Smith (Labour)

Type

Early day motions

Date

16 January 2003

Reference

531

House

House of Commons

Ministry of Defence

To ask the Secretary of State for Defence, pursuant to the written ministerial statement of 5th December 2002, Official Report, column 85WS, on QinetiQ, what proportion of the company's assets is reflected in the £50 million already received by his Department from QinetiQ as part of the purchase price paid...

Asked by

Gerald Howarth (Conservative)

Answering body

Ministry of Defence

Type

Written questions

Status

Answered

Date

15 January 2003

Reference

90736; 397 c637W;397 c635W

House

House of Commons

Departmental minute dated 17 December 2002, concerning a contingent liability following the sale of a minority stake in Qinetiq to the Carlyle Group.

Type

Unprinted command papers

Date

17 December 2002

House

House of Commons

Ministry of Defence

To ask the Secretary of State for Defence, pursuant to the written ministerial statement of 5th December, Official Report, column 85WS, on QinetiQ, if he will set out the calculation of the adjustments made in the assets and liabilities of QinetiQ prior to setting its sale price; if he will...

Asked by

Llew Smith (Labour)

Answering body

Ministry of Defence

Type

Written questions

Status

Answered

Tabled on

12 December 2002

For answer on

17 December 2002

Answered on

17 December 2002

Llew Smith: To ask the Secretary of State for Defence pursuant to the written ministerial statement of 5 December, Official Report, column 85WS, on QinetiQ, if he will set out the calculation of the adjustments made in the assets and liabilities of QinetiQ prior to setting its sale price; if he will set out the final conditions to which reference is made; and if he will place in the Library a copy of the Carlyle Group bid to become a strategic partner in QinetiQ. [87551] Dr. Moonie: As outlined in my statement of 5 December, Official Report, column 85WS, the transaction values QinetiQ at around 500 million. As is conventional, this valuation was done on a debt-free/ cash-free basis. The actual receipt to the Ministry of Defence will therefore be adjusted to take account of a number of factors including: any debts owed by the company, any liabilities for which provision currently exists in the accounts, any cash held by the company and working capital to the extent this is above/below the company's normal level. The precise details of the adjustments are commercially sensitive. As is normal in any major transaction there are a number of conditions that must be satisfied between signing and formal completion. These include: laying before Parliament of a Departmental Minute describing any contingent liabilities from the transaction; receipt of EC commission merger clearance; local authority searches and other legal issues relating to property and confirmation of the purchaser's financing arrangements. Certain other conditions exist but as these are commercially sensitive I am withholding them in accordance with Exemption 13 of the Code of Practice on Access to Government Information. I am also withholding a copy of The Carlyle Group bid in accordance with Exemption 13 of the Code of Practice on Access to Government Information.

Date

17 December 2002

Reference

396 c722-3W; 87551

House

House of Commons

Ministry of Defence

To ask the Secretary of State for Defence, when he will make a statement on the final contractual terms and other arrangements for Carlyle Investments to become the strategic partner for QinetiQ.

Asked by

Jim Cousins (Labour)

Answering body

Ministry of Defence

Type

Written questions

Status

Answered

Date

28 October 2002

Reference

77378; 391 c697W;391 c679W

House

House of Commons

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