To ask the Secretary of State for Transport (1) how many shares will be issued free or at a reduced price to Railtrack employees when the company's shares are put on the market; what he estimates the total value of employees' free shares and discounts will be; and how many employees will be eligible for these benefits; (2) how many shares and share options will be issued free or at a reduced price to Railtrack directors when the company's shares are put on the market; what he estimates the total value of directors' free shares and discounts will be; and how many directors will be eligible for these benefits. 
My right hon. Friend announced on 25 September the Railtrack employee share offers as part of the intended stock market flotation of Railtrack. The offers include:
- free shares for each eligible Railtrack employee worth approximately £160 at the offer price plus a further £2 worth of shares for each year of continuous service int eh rail industry;
- a matching offer of two free shares for every one purchased by eligible Railtrack employees up to a maximum value of approximately £250—that is, free shares of up to approximately £500;
- discount of 20 per cent. for eligible Railtrack employees on up to approximately £1,400 worth of shares at the offer price—that is, a discount of up to £280;
- priority over shares offered to the public to the value of approximately £18,000 at the offer price, including the shares purchased through the discount offer.