The Coal Industry (Coal Mining Successor Companies Target Investment Limit) Order 1995

Statutory Instruments

1995 No. 1477

COAL INDUSTRY

The Coal Industry (Coal Mining Successor Companies Target Investment Limit) Order 1995

Made

6th June 1995

Laid before Parliament

8th June 1995

Coming into force

23rd June 1995

Whereas each company, the name of which is listed in the first column of the Schedule to this Order, is a successor company(1) for the purposes of the Coal Industry Act 1994(2);

And whereas each company which is so listed ceased to be wholly owned by the Crown on the date shown opposite its name in the second column of the Schedule to this Order;

And whereas there is no Government shareholding(3) in any company which is so listed at the time when this Order is made;

And whereas no previous order has been made fixing a target investment limit in relation to the Government shareholding in any company which is so listed;

Now, therefore, the Secretary of State, in exercise of the powers conferred upon him by section 16(2) of the Coal Industry Act 1994, and of all other powers enabling him in that behalf, and with the consent of the Treasury, hereby makes the following Order:—

Citation and commencement

1.  This Order may be cited as the Coal Industry (Coal Mining Successor Companies Target Investment Limit) Order 1995 and shall come into force on 23rd June 1995.

2.  The target investment limit in relation to the Government shareholding in each of the companies, the name of which is listed in the first column of the Schedule to this Order, shall be one half of one per cent. of the voting rights which are exercisable in all circumstances at general meetings of the company in question.

Richard Page,

Parliamentary Under-Secretary for Industry and Energy,

Department of Trade and Industry.

1st June 1995

We consent,

Timothy Kirkhope,

Timothy Wood,

Two of the Lords Commissioners of Her Majesty’s Treasury.

6th June 1995

SCHEDULE

(1)
Name of Company
(2)
Date on which Company ceased to be wholly owned by the Crown
Tower Colliery Limited	23rd December 1994
(4) RJB Mining (UK) Ltd	30th December 1994
The Scottish Coal Company Limited	30th December 1994
(5) Celtic Energy Limited	31st December 1994
Annesley Bentinck Colliery Limited	25th April 1995

Explanatory Note

(This note is not part of the Order)

This Order fixes target investment limits for the Government shareholding in the listed successor companies which, at a time when they were wholly owned by the Crown, became entitled or subject, in accordance with restructuring schemes to certain property, rights and liabilities. Those successor companies acquired the former coal mining interests of the British Coal Corporation and are now no longer owned by the Crown. The Government shareholding must normally be kept below the limit specified.

(1)

See section 65(1) of the Coal Industry Act 1994.

(2)

1994 c. 21.

(3)

See section 16(2) of the Coal Industry Act 1994.

(4)

This company was originally called “Central and Northern Mining Limited”. The name of the company was changed on 30th December 1994.

(5)

This company was originally called “South Wales Regional Coal Company Limited”. The name of the company was changed on 3rd January 1995.