In this section the Minister asks us to pay an actual 3/- per share.
In Committee on Finance. - The Industrial and Life Assurance Amalgamation Company, Limited (Acquisition of Shares) Bill, 1947—Committee and Final Stages.
Section 1 put and agreed to.
SECTION 2.
Question proposed: "That Section 2 stand part of the Bill."
Yes, an actual 3/- per share.
If he asked us to pay 13/- we would have no more information about it than we have now and no help has been given us to understand on what basis a share is estimated to be worth 3/-.
That is a matter upon which anybody, such as the Deputy or myself, would seek expert advice. This company was constituted with a nominal capital of £200,000. I see from its balance sheet that its assets amount to practically £6,000,000. Against these assets there are, of course, liabilities. The expert would study the balance sheet, noting the nature of the assets and the character of the liabilities, and decide whether the company was a good proposition to acquire or not. On the valuation placed upon their shares by the British companies and the advice given by the board of the company itself, the advisers who have been advising me in this matter and are competent to come to expert decisions in such affairs, I decided that at 3/- per share they are very good value and that, having got that offer, we should accept it.
The price was actually negotiated by bargaining?
Yes, by bargaining. There was no obligation on the British companies to sell their shares; they were induced to sell them, and there were protracted negotiations before the price was determined.
Question put and agreed to.
Remaining sections and Title agreed to.
Bill reported without amendment.
Agreed to take the Final Stages now.
Bill received for final consideration and passed.
This is a Money Bill within the meaning of Article 22 of the Constitution; Seanad Éireann to be notified accordingly.