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AFC's clean slate
24th November 1979, Page 5
24th November 1979
Page 5
Page 5, 24th November 1979
— AFC's clean slate
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THE CAPITAL and loan debts of NFC will be wiped out on the day before the state undertaking is "acquired" by a new company. This is a provision in the Transport Bill but the Bill does not state when the company will go to the City.
The "appointed day" will be at the discretion of the Minister, ori the advice of the Treasury. However, it may not coincide with the public quotation for NFC, as the Bill provides for the GPvemment holding all of the equity initially. In this case the shares will have a nominal value and be credited as fully paid up. In the transfer, staff pension schemes have been protected and provided for.