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Railhub Archive 2001-10-11 RTK-001 Railtrack Group PLC0
Railtrack Board seeks urgent meeting with Stephen Byers
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railway administration
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Railtrack Board seeks urgent meeting with Stephen Byers _______________________________________________________________
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
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