The British Steel Act 1988 (Government Shareholding) Order 1989

Statutory Instruments

1989 No. 824

IRON AND STEEL

The British Steel Act 1988 (Government Shareholding) Order 1989

Made

12th May 1989

Laid before Parliament

15th May 1989

Coming into force

5th June 1989

Whereas British Steel plc, being the successor company (1) for the purposes of section 1 of the British Steel Act 1988(2), has ceased to be wholly owned by the Crown, and whereas the Government shareholding as defined in section 6(1) of that Act (“the Government shareholding”) comprises shares in that company carrying 0·0472 per cent. of the voting rights which are exercisable in all circumstances at general meetings of the company;

Now, therefore, the Secretary of State in exercise of his powers under section 6(1) of that Act hereby makes the following Order:

1.  This Order may be cited as the British Steel Act 1988 (Government Shareholding) Order 1989 and shall come into force on 5th June 1989.

2.  The target investment limit in relation to the Government shareholding shall be 0·0472 per cent. of the voting rights which are exercisable in all circumstances at general meetings of British Steel plc.

Alan Clark

Minister for Trade,

Department of Trade and Industry

12th May 1989

Explanatory Note

(This note is not part of the Order)

This Order, as required by section 6 of the British Steel Act 1988, sets the target investment limit for the Government shareholding in British Steel plc at 0·0472 per cent. of the voting rights exercisable in all circumstances at general meetings of the company, being the proportion of those rights carried by shares which, at the date this Order is made, are held by the Treasury and their nominees and the Secretary of State and his nominees.

British Steel plc ceased to be wholly owned by the Crown on 5th December 1988.

(1)

See S.I. 1988/1376; this Order nominated British Steel plc as the successor company for the purposes of section 1 of the British Steel Act 1988 (c. 35).

(2)

1988 c. 35.