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223189
star this property registered interest false more like this
star this property date less than 2015-02-24more like thismore than 2015-02-24
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills remove filter
star this property answering dept sort name Business, Innovation and Skills more like this
star this property hansard heading Technology and Innovation Centres more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Business, Innovation and Skills, how many businesses have engaged with each Catapult Centre in each year since it opened. more like this
star this property tabling member constituency Streatham remove filter
star this property tabling member printed
Mr Chuka Umunna more like this
star this property uin 225226 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property answer text <p>The Department for Business, Innovation and Skills has indicated that it will not be possible to answer this question within the usual time period. An answer is being prepared and will be provided as soon as it is available.</p> more like this
star this property answering member constituency Tunbridge Wells more like this
unstar this property answering member printed Greg Clark more like this
unstar this property answering member
1578
star this property label Biography information for Greg Clark more like this
star this property tabling member
4128
unstar this property label Biography information for Chuka Umunna more like this
46823
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills remove filter
star this property answering dept sort name Business, Innovation and Skills more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Business, Innovation and Skills, what proportion of shares in Royal Mail allocated to priority investors in its recent privatisation are still held by those investors. more like this
star this property tabling member constituency Streatham remove filter
star this property tabling member printed
Mr Chuka Umunna more like this
star this property uin 195193 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-09more like thismore than 2014-04-09
star this property answer text <p>As set out in the National Audit Office report, 22% of Royal Mail shares (220.5m) were sold to priority investors. As set out in the NAO report, at the end of January, over a half of the shares remain owned by these investors. Some have sold all their shares; some sold part of their shareholding; and others have acquired more shares.</p> more like this
star this property answering member constituency Sevenoaks more like this
unstar this property answering member printed Michael Fallon more like this
star this property question first answered
less than 2014-04-09T12:00:00.00Zmore like thismore than 2014-04-09T12:00:00.00Z
unstar this property answering member
88
star this property label Biography information for Sir Michael Fallon more like this
star this property tabling member
4128
unstar this property label Biography information for Chuka Umunna more like this
46824
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills remove filter
star this property answering dept sort name Business, Innovation and Skills more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Business, Innovation and Skills, how many officials from (a) his Department and (b) its executive agencies and associated public bodies worked on the Royal Mail privatisation. more like this
star this property tabling member constituency Streatham remove filter
star this property tabling member printed
Mr Chuka Umunna more like this
star this property uin 195201 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-09more like thismore than 2014-04-09
star this property answer text <p>The core team working on the sale of Royal Mail shares was comprised of 17 people. None of the Department's Partner organisations were involved in taking forward the initial public offering.</p> more like this
star this property answering member constituency Sevenoaks more like this
unstar this property answering member printed Michael Fallon more like this
star this property question first answered
less than 2014-04-09T12:00:00.00Zmore like thismore than 2014-04-09T12:00:00.00Z
unstar this property answering member
88
star this property label Biography information for Sir Michael Fallon more like this
star this property tabling member
4128
unstar this property label Biography information for Chuka Umunna more like this
46825
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills remove filter
star this property answering dept sort name Business, Innovation and Skills more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Business, Innovation and Skills, what the names are of (a) the 16 priority investors selected and (b) the 21 priority investors under initial consideration by the Government in the privatisation of Royal Mail. more like this
star this property tabling member constituency Streatham remove filter
star this property tabling member printed
Mr Chuka Umunna more like this
star this property uin 195210 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-09more like thismore than 2014-04-09
star this property answer text <p>All investors in Royal Mail, whether individuals or institutions, have a legitimate expectation of privacy. It would not be appropriate to disclose the list of institutions that were allocated shares in the Initial Public Offering (IPO) or the names of investors that participated in the investor engagement prior to the IPO.</p> more like this
star this property answering member constituency Sevenoaks more like this
unstar this property answering member printed Michael Fallon more like this
star this property question first answered
less than 2014-04-09T12:00:00.00Zmore like thismore than 2014-04-09T12:00:00.00Z
unstar this property answering member
88
star this property label Biography information for Sir Michael Fallon more like this
star this property tabling member
4128
unstar this property label Biography information for Chuka Umunna more like this
46826
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills remove filter
star this property answering dept sort name Business, Innovation and Skills more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Business, Innovation and Skills, what process the Government adopted to (a) identify and (b) select priority investors in the recent Royal Mail privatisation. more like this
star this property tabling member constituency Streatham remove filter
star this property tabling member printed
Mr Chuka Umunna more like this
star this property uin 195196 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-09more like thismore than 2014-04-09
star this property answer text <p>The process of investor engagement commenced 12 months prior to the Initial Public Offering (IPO). In the initial period, Royal Mail's management met with over 60 high quality institutions to educate them about the business. During pilot fishing in early September 2013, the management team and the Government's banking advisers engaged further with a focused group of 21 well-informed and longer-term investors. Initial indications of potential demand were received from this group; this gave the Government the confidence to proceed with announcing the Intention to Float on 12<sup>th</sup> September 2013.</p><p> </p><p> </p> more like this
star this property answering member constituency Sevenoaks more like this
unstar this property answering member printed Michael Fallon more like this
star this property question first answered
less than 2014-04-09T12:00:00.00Zmore like thismore than 2014-04-09T12:00:00.00Z
unstar this property answering member
88
star this property label Biography information for Sir Michael Fallon more like this
star this property tabling member
4128
unstar this property label Biography information for Chuka Umunna more like this
46827
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills remove filter
star this property answering dept sort name Business, Innovation and Skills more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Business, Innovation and Skills, for what reasons details of arrangements with priority investors in respect of the privatisation of Royal Mail were not published at the time of that privatisation. more like this
star this property tabling member constituency Streatham remove filter
star this property tabling member printed
Mr Chuka Umunna more like this
star this property uin 195197 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-09more like thismore than 2014-04-09
star this property answer text <p>The Government did not enter into any direct arrangements with investors. All institutional investors entered into agreements with the underwriting banks (the syndicate) to purchase their allocated shares at the offer price. This is standard practice and applied to all investors.</p><p> </p><p>Details of individual allocations were not disclosed because all investors in Royal Mail - whether individuals or institutions - have a legitimate expectation of privacy.</p><p> </p> more like this
star this property answering member constituency Sevenoaks more like this
unstar this property answering member printed Michael Fallon more like this
star this property question first answered
less than 2014-04-09T12:00:00.00Zmore like thismore than 2014-04-09T12:00:00.00Z
unstar this property answering member
88
star this property label Biography information for Sir Michael Fallon more like this
star this property tabling member
4128
unstar this property label Biography information for Chuka Umunna more like this
46831
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills remove filter
star this property answering dept sort name Business, Innovation and Skills more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Business, Innovation and Skills, what (a) discussions and (b) correspondence has taken place between (i) his Department, (ii) Royal Mail, (iii) banks acting as bookrunners, co-ordinators and lead managers and (iv) priority investors since the privatisation of Royal Mail took place; and if he will publish any such relevant correspondence. more like this
star this property tabling member constituency Streatham remove filter
star this property tabling member printed
Mr Chuka Umunna more like this
star this property uin 195278 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-09more like thismore than 2014-04-09
star this property answer text <p>Since the Initial Public Offering, my Department has had discussions with Royal Mail in our continuing role as a minority shareholder in Royal Mail.</p><p> </p><p>There has been ad hoc contact with the Global Co-ordinators primarily to help with enquiries about the IPO but no formal correspondence.</p><p> </p><p>It is not appropriate to publish correspondence relating to the above on the grounds that it relates to our shareholding or has been provided to help develop Government policy and to do so would inhibit the free and frank advice or exchange of views for the purposes of internal deliberation.</p><p> </p><p>This Department has not had discussions or corresponded with the priority investors.</p><p> </p> more like this
star this property answering member constituency Sevenoaks more like this
unstar this property answering member printed Michael Fallon more like this
star this property question first answered
less than 2014-04-09T12:00:00.00Zmore like thismore than 2014-04-09T12:00:00.00Z
unstar this property answering member
88
star this property label Biography information for Sir Michael Fallon more like this
star this property tabling member
4128
unstar this property label Biography information for Chuka Umunna more like this
46833
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills remove filter
star this property answering dept sort name Business, Innovation and Skills more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Business, Innovation and Skills, what (a) verbal and (b) contractual agreement was made with priority investors in relation to their shareholders during the privatisation of Royal Mail. more like this
star this property tabling member constituency Streatham remove filter
star this property tabling member printed
Mr Chuka Umunna more like this
star this property uin 195293 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-09more like thismore than 2014-04-09
star this property answer text <p>No verbal or contractual agreement of any description – including future intentions for shareholdings - was made between the Government and any investor in the Royal Mail Initial Public Offering (IPO). Any suggestion that there was a “gentleman's agreement” is false.</p> more like this
star this property answering member constituency Sevenoaks more like this
unstar this property answering member printed Michael Fallon more like this
star this property question first answered
less than 2014-04-09T12:00:00.00Zmore like thismore than 2014-04-09T12:00:00.00Z
unstar this property answering member
88
star this property label Biography information for Sir Michael Fallon more like this
star this property tabling member
4128
unstar this property label Biography information for Chuka Umunna more like this
46834
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills remove filter
star this property answering dept sort name Business, Innovation and Skills more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Business, Innovation and Skills, what correspondence there was between (a) the bank acting as financial adviser to the Government and (b) banks acting as bookrunners, co-ordinators and lead managers (i) with and (ii) on priority investors; and if he will publish any relevant correspondence. more like this
star this property tabling member constituency Streatham remove filter
star this property tabling member printed
Mr Chuka Umunna more like this
star this property uin 195282 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-09more like thismore than 2014-04-09
star this property answer text <p>The Department has not seen and does not hold copies of any correspondence between Lazard or the Syndicate of banks selling Royal Mail shares and the priority investors.</p> more like this
star this property answering member constituency Sevenoaks more like this
unstar this property answering member printed Michael Fallon more like this
star this property question first answered
less than 2014-04-09T12:00:00.00Zmore like thismore than 2014-04-09T12:00:00.00Z
unstar this property answering member
88
star this property label Biography information for Sir Michael Fallon more like this
star this property tabling member
4128
unstar this property label Biography information for Chuka Umunna more like this
46835
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills remove filter
star this property answering dept sort name Business, Innovation and Skills more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Business, Innovation and Skills, what involvement (a) the bank acting as financial adviser to the Government and (b) banks acting as bookrunners, co-ordinators and lead managers had in discussions with priority investors on the privatisation of Royal Mail. more like this
star this property tabling member constituency Streatham remove filter
star this property tabling member printed
Mr Chuka Umunna more like this
star this property uin 195294 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-09more like thismore than 2014-04-09
star this property answer text <p>Together with Royal Mail's management team, the Government's independent financial adviser (Lazard) and members of the banking syndicate met with the priority investors throughout the investor engagement process. The banking advisers also met with over 500 institutional investors. The purpose of this engagement was to educate investors about the business and secure indications of potential demand and valuation.</p> more like this
star this property answering member constituency Sevenoaks more like this
unstar this property answering member printed Michael Fallon more like this
star this property question first answered
less than 2014-04-09T12:00:00.00Zmore like thismore than 2014-04-09T12:00:00.00Z
unstar this property answering member
88
star this property label Biography information for Sir Michael Fallon more like this
star this property tabling member
4128
unstar this property label Biography information for Chuka Umunna more like this