Main points of the offer

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The Independent Online
t Substantially all of Railtrack to be sold

pounds 69m additional dividend to be paid in October from

last year's profits

Shares to be paid for in two instalments in May this year

and June 1997

Private investors to pay 190 p for first instalment, with the total price to be announced 20 May, including a discount for private investors.

pounds 380 minimum investment (for 200 shares) in first instalment

5p a share off the second instalment up to maximum pounds 120 discount. Alternatively, one free share for every 15 held.

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