Vol. 397 No. 4
35 Tomás Mac Giolla asked the Minister for Industry and Commerce the reason for the apparent conflict between the information given by him in reply to Parliamentary Question No. 27 of 15 February 1990 in which he indicated that it was proposed to sell ICI to AGF for a total consideration of £107 million and the information supplied to the High Court on 10 March that AGF would in fact pay £25 million; and if he will make a statement on the matter.
The administrator of ICI, who is appointed by the High Court and responsible to that court for all matters pertaining to ICI, announced on 14 February that he had agreed, subject to the approval of the High Court, to sell the Irish business of ICI to AGF for a consideration of £107 million. This is the same figure to which I referred in my response to Question No. 27 of 15 February 1990.
I am not aware of any information supplied to the High Court that AGF would in fact pay £25 million. Perhaps the Deputy is confusing the fact that £25 million out of the total consideration will be required to capitalise the company to which the Irish business of ICI will be transferred.
I understand that at its resumed hearing on 20 March the High Court approved the general scheme of the administrator's proposal.
