Railtrack Group plc
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Railtrack Group plc
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type Press release
note News Release 640
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
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
Railhub Archive ::: 2001-02-19 RTK-001