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Following comments in the weekend press Railtrack would like to confirm that the financial position of the Company remains unchanged from that which was announced to the Stock Market on 15 January 2001.
At that time Railtrack announced it was accepting the ORR Regulatory determination which comes into effect on 1 April 2001. It also noted the need for resolution of certain issues relating to deferred Government grants. These deferred grants represent in excess of £1 billion of revenue which the Regulator has agreed that Railtrack needs to spend on the rail network. The Company is currently in discussions with the Strategic Rail Authority and the DETR on the timing of such revenue grants. As previously stated while these discussions are continuing Railtrack will make no commitments to new enhancement schemes. If no resolution of these issues is achieved by 31 March 2001 then Railtrack could apply to the ORR for an early interim financial review.
Railtrack would also like to clarify the position with regard to the appointment of a new Chairman. As previously announced the Company is looking to appoint a non-executive Chairman with a proven track record in business, who can devote sufficient time to the Company to enable him, or her, to make a major contribution to the future strategy and direction of Railtrack. Contrary to speculation the Company has not yet made a formal offer to any individual, nor is it aware of any disagreement amongst shareholders or other interested parties about the required specification, or credentials of the ideal candidate. The Company would hope to be in a position to make an announcement over the coming months.
For more information please contact the Railtrack press office on 020 7557 8292. All recent press releases can be found on the Railtrack web site www.railtrack.co.uk/corporate
Railnews Archive ::: 2001-02-19 RTK-001
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