Flotation Of Aerostructures Hamble

EDM number 1614 in 1993-94, proposed by John Denham on 19/10/1994.

That this House notes that Aerostructures Hamble was floated in June 1994, at a share price of 120 pence on the basis of a prospectus prepared by N. M. Rothschild; notes also reports that the former chief executive, Mr A. Barr, made ú1.74 million from the sale of shares and other directors made over ú1.5 million; notes with concern that, following the recent admission of previously undisclosed order book and production problems, the share price fell to 24 pence; believes that the employees of the company are likely to be the first to suffer from this collapse; and calls on the Department of Trade and Industry to establish an inquiry into the circumstances surrounding the flotation and the preparation of the prospectus and to establish if any relevant information was withheld and, if so, by whom and to whose benefit.

This motion has been signed by a total of 25 MPs.