ITC to rule on TV share scheme
Wednesday 27 December 1995
The two ITV licence holders, which each own 36 per cent of ITN, have been told to reduce their shares to 20 per cent each by 31 December. But they have been unable to reach a satisfactory deal with potential buyers, and were still holding the shares just before Christmas.
The two companies have concocted a parking scheme, under which they would undertake not to exercise voting rights attached to the excess shares. The ITC is expected to look long and hard at the arrangements, however, in light of the Government's insistence that new shareholders be brought in. The ITC declined to comment yesterday.
Insiders at Granada and Carlton, which inherited the excess shares when they took over the smaller ITV companies LWT and Central, respectively, in 1993, complain that they are between a rock and a hard place. Potential buyers of the shares, which include other ITV companies such as Yorkshire- Tyne Tees and MAI, are offering low prices in light of the looming deadline. Granada and Carlton believe the shares should not be sold at a huge discount.
Ward Thomas, the YTT chairman, yesterday added to the pressure on the companies, saying that the ITC ought not to accept arrangements that led to Granada and Carlton keeping extra shares: "The Government made it clear they wanted the companies to adhere to the spirit as well as the letter of the law.''
- 1 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
- 4 The Greece debt crisis explained in less than 100 words
- 5 Cristiano Ronaldo storms out of interview after being asked about possible sale of Manchester United target Sergio Ramos
Hilary Swank: Million Dollar Baby star says she turns down roles to care for elderly father
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
The Greece debt crisis explained in less than 100 words
Bastrop: The Texas town where many fear a large military training exercise will be used by President Obama to take their guns and impose martial law
Bakery sends 'horrific' version of Frozen-themed birthday cake to unsuspecting customer
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...