Virgin float depends on track upgrade ruling
Saturday 30 May 1998
The planned upgrade of the tracks, signalling and rolling stock, which will cost billions of pounds, is being examined by the regulator.
Richard Branson, owner of Virgin Group which owns 41 per cent of Virgin Rail, said: "The sign-off of the upgrade has to be done before any announcement. We have to sign-off the deals and they have to be in place first. A few ticks are needed and then we are ready to go."
One company source later added that the rail regulator could make a final decision on the rail upgrade "within a few weeks".
That will free Virgin to make its float decision, but it refused to elaborate. The market expected a float in June, but this timetable is now certain to slip to later in the summer.
If Virgin goes ahead with the float, industry sources indicated it could be worth pounds 250m.
Other shareholders in Virgin rail include JP Morgan and Bankers Trust. Virgin refused to comment on whether it was considering a retail offering, but it said it was confident it could secure backing if the float went ahead.
- 1 Universities aren't working us hard enough, say undergraduates
- 2 Lego letter from the 1970s still offers a powerful message to parents 40 years later
- 3 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Oscar Pistorius terrorised Reeva before he shot her dead, says June Steenkamp
Audacious North Korean kidnap plot foiled at Paris airport as 'Asian men' attempted to bundle student onto plane
Heroin to be prescribed to Canadian addicts by doctors
Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Exclusive: UK approved £7m Israeli arms sales in six months before Gaza conflict
Rochester aftermath: Sacking of Emily Thornberry will make work of Labour MPs '10 times harder'
iJobs Money & Business
$80000 - $110000 per annum, Benefits: Bonus and Employee Investment Scheme: Se...
€30000 - €50000 per annum, Benefits: Competitive Bonus: Selby Jennings: Java D...
$60000 - $90000 per annum, Benefits: Competitive Bonus and Employee Investment ...
circa 65,000 EUR + Bonus + Benefits: Selby Jennings: Recruiting a Sales Associ...