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MGN plc: Flotation

Lord Spens asked Her Majesty's Government:

The Minister of State, Department of Trade and Industry (Lord Simon of Highbury): The costs incurred to date of the inspectors' investigation into the flotation of Mirror Group Newspapers plc are £1,410,577 in respect of lawyers' fees and expenses and £5,796,352 in respect of accountants' fees and expenses.

Lord Spens asked Her Majesty's Government:

Lord Simon of Highbury: The inspectors were appointed under Sections 432 and 442 of the Companies Act 1985 to investigate and report on the affairs and membership of Mirror Group Newspapers plc. They were asked to look, in particular, at the offers for sale of the company's shares in early 1991.

Lord Spens asked Her Majesty's Government:

Lord Simon of Highbury: Yes. It is for the judge, in consultation with his Head of Division, to determine his duties, including his obligations as a Companies Act inspector.

Life Insurance Companies: Breakdown of Assets

Lord Lucas asked Her Majesty's Government:

Lord Simon of Highbury: The returns show segregated assets for life companies' long term business funds. Companies do not usually hold, or report in their

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returns, segregated assets for with-profits funds which fall within the long term business funds. A breakdown of non-linked assets for major with-profits companies

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showing the percentage held in cash, bank deposits and fixed interst securities for the latest year reported (1996) is shown in the table below.

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Breakdown of non-linked assets for major with profit offices in 1996 (£000s)

Fixed IntDepositsCashTotal
AmountAmountAmountNL assets
Company(F)Per cent.(D)Per cent.(C)Per cent.(T)
AXA Eq & Law Life1,172,65417.0106,5621.565,2920.96,918,015
Britannia Life1,309,62946.6448,04615.93,3720.12,809,489
Clerical Medical2,085,02323.41,479,29116.621,9150.28,917,004
CU Life1,843,80025.6160,1252.29,4850.17,198,480
Eagle Star Life3,470,57952.2217,4733.331,6430.56,647,706
Equitable Life6,299,69336.6401,7442.35,5730.017,227,435
Friends Prov3,797,67332.7663,1095.721,9690.211,618,760
GA Life Ass1,145,83718.8134,3442.276,1951.26,108,446
GA Linked Life1,191,18530.950,9981.36,4830.23,853,322
L & M Ass305,54123.130,2152.300.01,321,459
Legal & General7,126,73735.1236,4791.2107,7470.520,305,527
Medical Sickness267,35238.315,6532.21,4600.2698,335
MGM Assurance217,20633.124,0523.74,3590.7656,426
Nat Farmers528,00320.000.052,9562.02,639,388
Nat Mutual Life621,21533.811,4500.66,5940.41,839,429
Norwich U Life9,381,39130.5700,6732.321,7540.130,751,014
Pearl Assurance3,217,41825.1462,9973.614,1600.112,799,778
R N P F N212,21721.839,6014.112,4311.3971,617
Refuge Ass337,58811.36,9970.21400.03,000,346
Rel Mutins Soc26,71929.54,1044.540.090,425
Royal Life2,240,83028.1214,0252.700.07,976,513
Royal London853,85715.800.046,2980.95,401,935
S A & London Assur2,274,11032.1220,9783.123,1140.37,076,700
Scot Equitable3,510,79052.5223,7923.3400.06,691,731
Scot Life2,233,93651.0163,5403.715,9810.44,380,211
Scot Mutual939,57823.55,5000.1102,0042.63,993,043
Scot Prov Inst1,500,42131.0109,2142.310,1320.24,841,967
Scottish Am3,507,98332.8578,2455.44,1360.010,688,943
Scottish Widows3,957,27323.71,221,4747.32300.016,714,959
Standard Life12,542,86232,8541,9041.415,6970.038,205,286
Sun Life3,647,78340.9303,4293.420,9060.28,912,780
UTD Friendly Ins331,89512.199,0773.620.02,736,553
Windsor Life378,08553.86,2000.91,4900.2702,213
Winterthur Life139,14632.620,1364.71,7580.4426,826
WP Industry--------------

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