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Railhub Archive
2002-04-02 RTK-001
Railtrack Group plc

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Offers for Channel Tunnel Rail Link


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Railtrack Group plc

Offers for Channel Tunnel Rail Link
_______________________________________________________________


date
2 April 2002
source Railtrack Group plc
type Press release



The Board of Railtrack Group have received an offer from London & Continental Railways (LCR) to acquire Railtrack’s interest in Section 1 of the Channel Tunnel Rail Link. In addition the Board have received an offer from Network Rail for the rights to operate the completed link and the concession to manage St Pancras Station. The combined offers total £375 million.

LCR is offering to acquire the rights to the Section 1 concession from Railtrack Group for £295 million.

Network Rail is offering to pay £80 million for the rights to operate, manage and maintain the link and the concession to manage St Pancras station.

Once the detailed terms of the offers have been established, they will be formally considered by the Board.

Commenting on the approach Railtrack Group Chairman Geoffrey Howe said;

“We welcome the offers for Railtrack’s interest in the Channel Tunnel Rail Link. If the negotiations are successfully concluded it will be the Board’s intention to hold an Extraordinary General Meeting in due course to allow shareholders to consider the offers for CTRL and the offer from Network Rail for Railtrack PLC”.

Notes to Editors

The Channel Tunnel Rail Link (section1), stretching from the Channel Tunnel to Ebbsfleet, is some 80% complete and is due to open September 2003. The project is progressing to time and budget.

Railtrack Group entered into the CTRL Suite of Agreements in 1998. This conferred on Railtrack Group’s subsidiary, Railtrack (UK) Limited, the obligation to purchase Section 1 from Union Railways (South) Limited (a subsidiary of LCR), no later than 30 September 2005. In return Railtrack would be granted a concession, which would secure the rights to receive grants and access charges payable by Eurostar and other operators.

In September 2001 Railtrack Group agreed to surrender its option to purchase Section 2 of the Channel Tunnel Rail Link.

For more information please contact:

Sue Clark Railtrack 020 7544 8436/07850 285471

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

ENDS.


Railhub Archive ::: 2002-04-02 RTK-001





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