Railtrack Group PLC

Railtrack Board seeks urgent meeting with Stephen Byers
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date 11 October 2001
source Railtrack Group PLC
type Press release

The Board of Railtrack Group met this morning to review its on-going strategy
aimed at protecting the value of shareholders' equity.

The decision was made to seek an immediate meeting with Mr Byers following up
on his assurances yesterday that his door was open for further talks. This
was first requested at 10.30 am. Following a conversation at 3pm between Mr
Byers and Chairman John Robinson and Chief Executive Steve Marshall, Mr Byers
indicated a willingness to meet but said that he required further briefing
from his officials prior to agreeing a meeting.

The principal issue on the agenda concerns Railtrack Group's ownership of the
operating concession on Channel Tunnel Rail Link (CTRL). Aside from the
national rail network itself, this remains the most valuable asset in the
Group: CTRL's value to Railtrack Group's shareholders is estimated to be in
the region of £400m (equivalent to 75p per share).

Chairman John Robinson said.

'It is of critical importance that the Secretary of State resolve without
delay various issues regarding the Group's retention of CTRL, and our
executive team tabled proposals to this effect with Mr Byers' officials
yesterday. If these issues are not resolved immediately, the financial
solvency of Railtrack Group will be imperilled with profoundly damaging
consequences for Railtrack's shareholders'.

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Contacts: Sue Clark 020 7557 8292/3 (Railtrack)
Donal McCabe 020 7557 8292/3 (Railtrack)
Duncan Campbell-Smith 07774 250811 (Maitland Consultancy)


All recent press releases can be found on the Railtrack web site
www.railtrack.co.uk

Railhub Archive ::: 2001-10-11 RTK-001