§ Mr. Blair
asked the Chancellor of the Exchequer if he will list in the Official Report (a) updated figures for fees paid, including fees to auditors in respect of the first share issues for Amersham International Ltd., Associated British Ports, British Aerospace, British Railways Board Hotels, Britoil, Cable and Wireless and the National Freight Corporation and (b) all the fees and commissions paid to primary underwriters, sub-underwriters, financial advisers, legal advisers, auditors and stockbrokers in respect of the second Cable and Wireless issue, the second Associated British Ports issue, Enterprise Oil, Sealink, Jaguar, British Telecom and the 1979 and 1983 BP issues; and if he will name each firm concerned.
§ Mr. Moore
[pursuant to his reply, 18 December 1984, c. 122]: Details of the primary underwriters, sub-underwriters, financial advisers, legal advisers and stockbrokers appointed for the sales listed in the first part of the question were given in my reply to the hon. Member for Thurrock (Dr. McDonald) on 3 April 1984. In addition W. Greenwell and Co. offered financial advice for the Amersham International, Cable and Wireless (1981) and Associated British Ports (1983) sales. The names of the accountants who acted as auditors in the sales covered in that reply together with revised updated totals of fees and commissions paid, are as follows:
[Table 1]The main firms involved under each of the headings specified for the sales listed in the second part of the question, together with the overall total of fees and commissions paid, are as follows:
[Table 2]361WThe information and figures given do not include advice paid for by the companies being privatised which is not a matter for the Government. It is not the practice to disclose the value of individual contracts between Departments and their advisers. No advisers were retained by the Government in the disposal of British Rail hotels.
Table 2 Cable & Wireless (1983) Associated British Ports (1984) Enterprise Oil Sealink† Jaguar‡ British Telecom British Petroleum (1979) British Petroleum (1983) COMPANIES Primary Underwriters Kleinwort, Benson Ltd. J. Henry Schroder Wagg & Co. Ltd. Kleinwort, Benson Ltd. n/a Kleinwort, Benson Ltd. S. G. Warburg & Co. Ltd. S. G. Warburg & Co. Ltd Baring Bros. & Co. Ltd. Kleinwort, Benson Ltd. Morgan, Grenfell & Co. Barclays Merchant Bank Ltd. Robert Fleming & Co. Ltd. Robert Fleming & Co. Ltd. J. Henry Schroder Wagg & Co. Ltd. J. Henry Schroder Wagg & Co. Ltd. Charterhous Japhet plc Kleinwort, Benson Ltd. Kleinwort, Benson Ltd Morgan Grenfell & Co. Ltd. S. G. Warburg & Co. Ltd. Robert Fleming & Co. Ltd. Lazard Bros & Co. Ltd. Lazard Bros & Co. Ltd Hill, Samuel & Co. Ltd. Morgan Grenfell & Co. Ltd. Morgan Grenfell & Co. Ltd. Lloyds Bank International Ltd. J. Henry Schroder Wagg & Co. Ltd. J. Henry Schroder Wagg & Co. Ltd. Morgan Grenfell & Co. Ltd. S. G. Warburg & Co. Ltd. Baring Bros. & Co. Ltd. County Bank Ltd. Hambros Bank Ltd. Lazard Bros & Co. Ltd. Samuel Montagu & Co. Ltd. N. M. Rothschild & Sons Ltd. J. Henry Schroder Wagg & Co. Ltd. Sub-underwriters Various⋆ Various⋆ Various⋆ n/a n/a¶ Various⋆ Various⋆ Financial Advisors Kleinwort, Benson Ltd.* J. Henry Schroder Wagg & Co. Ltd. Kleinwort, Benson Ltd. Hill, Samuel & Co. Ltd. J. Henry Schroder Wagg & Co. Ltd. Kleinwort, Benson Ltd. ≑ ≑ Wood, Mackenzie & Co W. Greenwell & Co. Legal Advisers Freshfields Freshfields Freshfields n/a Linklaters & Paines Freshfields Freshfields Linklaters & Paines Linklaters & Paines Allen & Overy Linklaters & Paines Linklaters &: Paines Speechly Bircham Slaughter & May Auditors Deloitte, Haskins & Sells Price, Waterhouse Peat, Marwick, Mitchell & Co. n/a Coopers & Lybrand Ernst & Whinney Ernst & Whinney Stockbrokers Mullens & Co. W. Greenwell & Co. Cazenove & Co. n/a Hoare, Govett Ltd Mullens, & Co. Mullens & Co. Cazenove & Co. Cazenove & Co. De Zoete & Bevan Cazenove & Co. Cazenove & Co. Cazenove & Co. James Capel & Co. Kitcat & Aitken De Zoete & Bevan Hoare Govett Hoare Govett Rowe & Pitman Scrimgeour, Kemp-Gee & Co. Rowe & Pitman Rowe & Pitman Scrimgeour, Kemp-Gee & Co. Scrimgeour, Kemp-Gee & Co. Total Fee/Commissions (£'000 including VAT) 5,017 1,128 9,044▀ 38 ‡ 107,285● 5,218 9,388 * The Bank of England was jointly responsible with Kleinwort, Benson for making the sale arrangements and providing advice. † Trade sale. ‡ The sale of Jaguar was conducted by BL plc who appointed advisers. Details of the appointments and the total cost are a matter for the Company. Only one firm was appointed to advise the Government, it is not the practice to disclose fees paid to individual firms. ≑ In both BP sales, the Bank of England was responsible on the Government's behalf for making the sale arrangements and providing advice. ¶ The United Kingdom offer was placed with institutional investors ("Priority Applicants"). The cost of the commissions payable to Priority Applicants is included in the total. ● Estimate: final accounts are not yet available. ▀ Provisional: final bills not all yet received. ⋆Too numerous to list. n/a=Not available.