Vol. 473 No. 3
248 Mr. J. Walsh asked the Minister for Transport, Energy and Communications if the 20 per cent shareholding in Esat Digifone Limited, held by IIU nominees Limited, has been placed with financial institutions as announced by the Secretary of his Department on 19 April 1996; and if he will make a statement on the matter. [24903/96]
The Secretary of my Department announced on 19 April that the application by Esat Digifone for the GSM licence disclosed an intention to place 20 per cent of the equity with financial investors in the period leading up to the award of the licence. The application was supported by letters of intent from a number of highly reputable financial institutions. Subsequently at the time of award of the licence some two months later, it was certified to my Department that the 20 per cent had been placed with IIU Nominees Ltd. which was wholly owned by Mr. Dermot Desmond.
The licence awarded to Esat Digifone contains provisions which require my approval for any changes of direct ownership of the licensee. The purpose of these provisions was to ensure that the second mobile telephony service would be delivered by the applicants for the licence. This requirement extends to changes of indirect ownership only in certain circumstances when new shares are issued. There has been no request for my approval to date in respect of any change of ownership for which approval is required by the licence.
IIU Nominees Ltd. has also confirmed that that company continues to be wholly owned by Mr. Dermot Desmond.
