2018-02-06 Mark Carne to retire from Network Rail (Network Rail)

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date 21 October 2002
source RT Group PLC
type Letter

Dear Shareholder,

At an Extraordinary General Meeting on Friday 18 October shareholders voted to place Railtrack Group PLC (now known as RT Group PLC) into solvent liquidation.

Nick Dargan and myself, both of us partners in Deloitte and Touche, have been appointed as joint liquidators of the Company and we have assumed responsibility for the Company’s affairs from the Directors. Our role is first to realise the Company’s remaining assets and agree the liabilities and then to distribute surplus funds to shareholders, as and when funds permit.

The assets of the Company, now called RT Group PLC, broadly comprise some £1.2 billion of cash plus a small property portfolio, Railtrack Developments, and some telecoms interests.

If the Company’s remaining assets are realised as expected and no further liabilities arise, we expect to be able to return to shareholders between 252 and 260 pence per share, with a first instalment of between 200 and 220 pence per share being returned by early January 2003. We would hope to return substantially all of the cash by the end of 2003.

Cash can only be returned to the extent that we are satisfied that it is not required to meet any outstanding liabilities. Our legal advice is that any claims by creditors rank ahead of the shareholders, and therefore every effort must be made to identify possible claims against the Company. As part of this process, advertisements will appear in this week’s press inviting the notification of any claims against the Company by 13 November 2002.

To enable you to buy and sell your Railtrack shares as normal the Company’s shares will remain listed and continue to trade on the London Stock Exchange until 4.30pm on Friday 27 December 2002. After delisting, if you wish to transfer your shares privately, this will be possible until 31 December 2003 on payment of an administration fee to the Registrars. Probate Transfers will be registered free of charge throughout the liquidation. I confirm that, pursuant to Section 88 of the Insolvency Act 1986, as Joint Liquidator of the Company I hereby sanction all valid transfers of shares made by shareholders of the Company after the commencement of the liquidation.

I shall write to you again when the first distribution is made to update you on the progress being made in selling the remaining businesses and the timing and quantum of any further distributions.

In the meantime, if you have further questions, please call our help line on 0870 702 0104, or visit the Company’s website, www.rtgroup.co.uk.

Yours faithfully



JRD Smith
Joint Liquidator
RT Group plc (in member’s voluntary liquidation)

Railhub Archive ::: 2002-10-21 RTG-001