Energy shares in new setback
Wednesday 17 July 1996
Labour said that a copy of Hinkley Point News, the internal newsletter at the Hinkley Point station in Somerset, showed that staff were told on 1 July about problems with cracks in pipe welds that could require an extension to the statutory outage at the station.
The closure of Hinkley Point and its sister station Hunterston B hours after the close of the public offer of shares in British Energy is widely blamed for the decision of many City institutions to shun the offer.
Since trading began on Monday morning the value of the partly paid shares has dropped by 13.5 per cent, wiping nearly pounds 70m off its market capitalisation.
By last night's market close the shares had fallen by another 3p to 91p after touching 87.5p at one stage. Small investors who paid a first instalment of 100p are now looking at a pounds 90 loss on the maximum allocation of 600 shares while the loss on the minimum application of 300 shares is pounds 45.
The Government's financial advisers on the flotation, BZW, pinned the blame for the continuing decline on the overall drop in the London market prompted by the plunge in the Dow Jones.
British Energy shares were again the most heavily traded on the market with just under 15 million changing hands although volumes were sharply down on Tuesday when 80 million shares were sold in a day of frenetic activity.
A spokesman for British Energy said last night that its investigations at the Hunterston B and Hinkley Point stations were now more than half completed and no new weld cracking problems had been encountered.
Provided no more cracks are discovered the two stations are expected to resume operation late next week.
- 1 Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
- 3 'Help me I'm trapped in a factory' messages keep being found on bottles of vitamin water
- 4 Right to die: Belgian doctors rule depressed 24-year-old woman has right to end her life
- 5 BP hit with record $18.7 billion fine over Deepwater Horizon Gulf oil spill
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Amber Roof: Sister of Charleston shooting suspect Dylann Roof launches fund-raising appeal for wedding and honeymoon
Russell Brand condemns moment of silence for Tunisia attack victims as a 'minute of bulls**t'
Right to die: Belgian doctors rule depressed 24-year-old woman has right to end her life
Worker killed by robot at Volkswagen car factory
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
They are neither a 'state' nor 'Islamic': Why we shouldn't call them Isis, Isil or IS
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...