The Board of Railtrack Group welcomes today’s approach by Network Rail to acquire the shares in Railtrack PLC for £500 million.
The Railtrack Group Board will now consider the formal offer in due course. Commenting on the Network Rail proposal Railtrack Group Chairman Geoffrey Howe said;
“We welcome today’s approach by Network Rail. The Directors will consider the proposal in detail, it will then be up to shareholders to have the final say as to whether it should be accepted”.
In addition to Railtrack PLC, the most significant assets of Railtrack Group are the Channel Tunnel Rail Link (Phase 1), the development property portfolio and some £350 million of cash held by HSBC.
Geoffrey Howe, Railtrack Group Chairman went on to say;
“There is still a lot of hard work to do to maximise value from the Group’s other assets, this will take time and as yet it is not possible for the Board to predict their value with certainty”.
