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Rolls-Royce sale offer to public
Page 50
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• The offer for sale to the public of RollsRoyce was advertised on Monday and it was expected that the application lists would open and close yesterday (Thursday).
The public offer for sale was made by N. M. Rothschild and Sons Ltd of 36,000,000 Ordinary shares and £.6m nominal of 8 per cent convertible loan stock 1997/2002 in Rolls-Royce Holdings Ltd, a new holding company formed to acquire Rolls-Royce Motors Ltd. The gross proceeds of this offer for sale amount to £38.4m which after allowing for the estimated expenses payable by the Receiver and joint liquidators exceeds the highest tender received for Rolls-Royce Motors Ltd.
On Monday Mr Wedgwood Benn, shadow Secretary for Trade and Industry, warned that potential shareholders of Rolls-Royce Motors Ltd should take serious note of the official policy of the Labour Party calling on the next Labour Government to renationalize, without compensation, public assets which are sold off by the present Government.