Postal Services Bill — 8 Jun 2000 at 22:37

moved Amendment No. 69:

After Clause 67, insert the following new clause--

:TITLE3:PUBLICATION OF PARTICULARS OF ACQUISITIONS AND DISPOSALS

(" .--(1) Where the Post Office company or any relevant subsidiary proposes to acquire or dispose of an undertaking or any interest in an undertaking and--

(a) the gross assets of that undertaking or attributable to that interest are equal to more than 10 per cent. of the gross assets of the Post Office company or the relevant subsidiary; or

(b) the turnover of that undertaking or attributable to that interest is equal to more than 10 per cent. of the turnover of the Post Office company or the relevant subsidiary; or

(c) the net profits of that undertaking or attributable to that interest are equal to more than 10 per cent. of the net profits of the Post Office company or the relevant subsidiary,

the Post Office company or the relevant subsidiary must as soon as practicable publish a notice in accordance with subsection (2).

(2) A notice under this subsection must be published in the London Gazette, the Edinburgh Gazette and the Belfast Gazette in such form as the Secretary of State may prescribe and must include--

(a) the name of the undertaking;

(b) a description of the business carried on by the undertaking and, where the transaction is an acquisition or disposal of an interest in the undertaking, a description of the business attributable to that interest;

(c) the effect of the transaction and, in particular, the benefits which the directors expect to accrue to the Post Office company or any relevant subsidiary;

(d) the price (or the monetary value of any other consideration) to be paid or received by the Post Office company or any relevant subsidiary and, in the case of a disposal how the proceeds of the disposal are to be applied; and

(e) if any securities are to be issued as a result of the transaction, the nature and amount of those securities.

(3) In this section "gross assets" means total fixed assets and total current assets.").

On Question, Whether the said amendment (No. 69) shall be agreed to?

Their Lordships divided: Contents, 5; Not-Contents, 24.

Debate in Parliament | Historical Hansard | Source |