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Archive
1996-01-31 DoT-002
Department of Transport
Department of Transport appoints senior selling group for Railtrack flotation
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Press release
Department of Transport
Department of Transport appoints senior selling group for Railtrack flotation
The Department of Transport has announced the appointment of two
investment banks to work alongside Global Co-ordinator SBC Warburg as
Global Managers in the syndicate to market shares in Railtrack to
institutional investors. In addition to SBC Warburg, the Global
Managers are Merrill Lynch and UBS.
In response to invitations issued at the end of December 1995, the
Department received a total of 35 positive responses, of which 16
were applications to act as Global Manager, the senior selling group
in the syndicate. The appointment of the co-managers, the next level
of the syndicate, will be decided shortly.
Notes to Editors
1 On 3rd January 1996, the Secretary of State for Transport, Sir
George Young, confirmed that the Railtrack flotation would take place
in May 1996. A detailed timetable will be announced nearer the time.
2 Following a series of interviews conducted last week, Merrill Lynch
and UBS have been selected as Global Managers for their strong
combination of capabilities in this particular stock. Unlike other
members of the syndicate, Global Managers will have the right to
market shares to investors world-wide.
3 The decision to work with a smaller syndicate represents a further
development in the structure of major international share offerings
involving the British Government. It follows a trend towards
smaller, more highly motivated syndicates.
Railnews Archive ::: 1996-01-31 DoT-002
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