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Asset Sales (Fees And Commissions)

Volume 80: debated on Wednesday 12 June 1985

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asked the Chancellor of the Exchequer if he will list in the Official Report all the fees and commissions paid to primary underwriters, sub-underwriters, financial advisers, legal advisers and stockbrokers in respect of all the sales of previously publicly-owned enterprises from 3 April 1984 to date; and if he will name each firm concerned.

I refer the hon. Member to the reply I gave to the hon. Member for Sedge field (Mr. Blair) on 24 May 1985, at column 562, which covers all public share sales since 3 April 1984 other than the 1985 sale of shares in British Aerospace. Details for that sale in respect of the headings specified by the hon. Member are given in the table:

CompanyBritish Aerospace 1985
Primary UnderwritersKleinwort, Benson Ltd., Lazard Bros. &
Co. Ltd., Hill Samuel & Co. Ltd.,
Morgan Grenfell & Co. Ltd., J. Henry
Schroder Wagg & Co. Ltd.
Financial advisersLazard Bros. & Co. Ltd.
Legal advisersSlaughter & May
AuditorsPeat, Marwick Mitchell
StockbrokerHoare, Govett Ltd., Cazenove & Co,†;
Total fee/Commission
(£000 including VAT)9,982‡
*Too numerous to list.
†;Allotment commissions were payable to stockbrokers and other intermediaries in respect of successful applications bearing their stamps. The estimated costs of such commissions are included in the provisional total shown and the names of the firms involved are too numerous to list. ‡Estimated: Expenditure on fees and commissions is provisional pending final settlements.