§ Mr. Channon
The sale of shares in BAA plc has been a resounding success. 2.47 million applications have been received for the fixed price offer, for a total of 2,135 million fixed price shares. Applications for up to and including 1,000 shares will be allocated 100 shares at £2.45 each. No allocation is being made in respect of applications in excess of 1,000 shares. Eighty-seven per cent. of applicants will receive some shares.
The tender offer has been about six times subscribed. I shall announce further details of the tender offer on Wednesday 22 July.