asked the Minister for Finance the value that was realised from recent disposal of State holdings in private companies; and if he will compare this with the peak value that these holdings achieved during the past nine months.
Written Answers. - State Holdings in Private Companies.
40.
I presume that by the phrase "private companies" the Deputy means companies in the private sector, and not just companies which are not public limited companies.
The information requested in respect of oil exploration companies is set out in a tabular statement which I propose to circulate in the Official Report. The entire State shareholding in each of the companies concerned has now been sold. The peak values listed are notional: they are calculated by multiplying the number of shares in each company which were held in my name by the highest price quoted on the Stock Exchange in 1988. It would probably not in fact have been possible to dispose of the entire block of shares in any of the companies at this price.
|
Company |
Amount Received |
Peak Value |
|
£ |
£ |
|
|
Aran Energy plc |
984,399.56 |
1,133,428.40 |
|
Atlantic Resources plc |
112,964.96 |
253,158.10 |
|
Bula Resources (Holdings) plc |
467,817.32 |
675,593.93 |
|
Conroy Petroleum and Natural Resources plc |
385,434.22 |
672,556.40 |
|
Ennex International plc |
457,182.47 |
689,784.07 |
|
Gaelic Resources plc |
25,751.68 |
32,227.13 |
|
Tuskar Resources plc |
276,464.55 |
510,793.15 |
|
Total |
2,710,014.76 |
3,967,541.18 |
The only other equity disposal in 1988 was the sale of the State's holding in the IDA-assisted company Lake Electronics Ltd., a private limited company to whose shares a "peak value" cannot be attributed.
The sale consideration is related to the performance of the company in the period to 1994 and will amount to not less than £270,000 and not more than £1 million on a phased basis in accordance with the company's performance over that period.