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MGN plc: Flotation
Lord Spens asked Her Majesty's Government:
- Whether they will give a breakdown of the costs incurred to date of the inspectors' investigation into the flotation of MGN plc.
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:
- What are the terms of reference for the inspectors appointed in 1992 to investigate the circumstances of the flotation of MGN plc.
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:
- Whether they are satisfied that counsel appointed to investigate the flotation of MGN plc has adequate time to devote to this task in the light of his subsequent appointment as a judge.
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:
- Whether they will list the percentage of the with-profits life funds held in cash, bank deposits or fixed-interest securities for each life insurance company as shown in the most recent returns made by the companies to the 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
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 showing the percentage held in cash, bank deposits and fixed interst securities for the latest year reported (1996) is shown in the table below.| Fixed Int | Deposits | Cash | Total | ||||
| Amount | Amount | Amount | NL assets | ||||
| Company | (F) | Per cent. | (D) | Per cent. | (C) | Per cent. | (T) |
| AXA Eq & Law Life | 1,172,654 | 17.0 | 106,562 | 1.5 | 65,292 | 0.9 | 6,918,015 |
| Britannia Life | 1,309,629 | 46.6 | 448,046 | 15.9 | 3,372 | 0.1 | 2,809,489 |
| Britannic | 950,655 | 15.8 | 20,406 | 0.3 | 37,538 | 0.6 | 6,025,935 |
| CIS | 2,055,611 | 16.4 | 30,320 | 0.2 | 19,661 | 0.2 | 12,553,260 |
| Clerical Medical | 2,085,023 | 23.4 | 1,479,291 | 16.6 | 21,915 | 0.2 | 8,917,004 |
| Cornhill | 150,326 | 59.9 | 24,683 | 9.8 | 5,815 | 2.3 | 250,923 |
| CU Life | 1,843,800 | 25.6 | 160,125 | 2.2 | 9,485 | 0.1 | 7,198,480 |
| Eagle Star Life | 3,470,579 | 52.2 | 217,473 | 3.3 | 31,643 | 0.5 | 6,647,706 |
| Ecclesiastical | 37,622 | 19.5 | 0 | 0.0 | 4,218 | 2.2 | 192,970 |
| Equitable Life | 6,299,693 | 36.6 | 401,744 | 2.3 | 5,573 | 0.0 | 17,227,435 |
| Friends Prov | 3,797,673 | 32.7 | 663,109 | 5.7 | 21,969 | 0.2 | 11,618,760 |
| GA Life Ass | 1,145,837 | 18.8 | 134,344 | 2.2 | 76,195 | 1.2 | 6,108,446 |
| GA Linked Life | 1,191,185 | 30.9 | 50,998 | 1.3 | 6,483 | 0.2 | 3,853,322 |
| Guardian | 2,793,482 | 57.1 | 61,752 | 1.3 | 7,614 | 0.2 | 4,889,782 |
| L & M Ass | 305,541 | 23.1 | 30,215 | 2.3 | 0 | 0.0 | 1,321,459 |
| Legal & General | 7,126,737 | 35.1 | 236,479 | 1.2 | 107,747 | 0.5 | 20,305,527 |
| Medical Sickness | 267,352 | 38.3 | 15,653 | 2.2 | 1,460 | 0.2 | 698,335 |
| MGM Assurance | 217,206 | 33.1 | 24,052 | 3.7 | 4,359 | 0.7 | 656,426 |
| Nat Farmers | 528,003 | 20.0 | 0 | 0.0 | 52,956 | 2.0 | 2,639,388 |
| Nat Mutual Life | 621,215 | 33.8 | 11,450 | 0.6 | 6,594 | 0.4 | 1,839,429 |
| Norwich U Life | 9,381,391 | 30.5 | 700,673 | 2.3 | 21,754 | 0.1 | 30,751,014 |
| NPI | 2,062,841 | 28.9 | 573,694 | 8.0 | 245,896 | 3.4 | 7,128,954 |
| Pearl Assurance | 3,217,418 | 25.1 | 462,997 | 3.6 | 14,160 | 0.1 | 12,799,778 |
| Phoenix | 600,907 | 35.4 | 33,431 | 2.0 | 10,539 | 0.6 | 1,697,575 |
| Prudential | 4,469,596 | 10.8 | 103,012 | 0.2 | 55,492 | 0.1 | 41,220,488 |
| R N P F N | 212,217 | 21.8 | 39,601 | 4.1 | 12,431 | 1.3 | 971,617 |
| Refuge Ass | 337,588 | 11.3 | 6,997 | 0.2 | 140 | 0.0 | 3,000,346 |
| Rel Mutins Soc | 26,719 | 29.5 | 4,104 | 4.5 | 4 | 0.0 | 90,425 |
| Royal Life | 2,240,830 | 28.1 | 214,025 | 2.7 | 0 | 0.0 | 7,976,513 |
| Royal London | 853,857 | 15.8 | 0 | 0.0 | 46,298 | 0.9 | 5,401,935 |
| S A & London Assur | 2,274,110 | 32.1 | 220,978 | 3.1 | 23,114 | 0.3 | 7,076,700 |
| Scot Equitable | 3,510,790 | 52.5 | 223,792 | 3.3 | 40 | 0.0 | 6,691,731 |
| Scot Life | 2,233,936 | 51.0 | 163,540 | 3.7 | 15,981 | 0.4 | 4,380,211 |
| Scot Mutual | 939,578 | 23.5 | 5,500 | 0.1 | 102,004 | 2.6 | 3,993,043 |
| Scot Prov Inst | 1,500,421 | 31.0 | 109,214 | 2.3 | 10,132 | 0.2 | 4,841,967 |
| Scottish Am | 3,507,983 | 32.8 | 578,245 | 5.4 | 4,136 | 0.0 | 10,688,943 |
| Scottish Widows | 3,957,273 | 23.7 | 1,221,474 | 7.3 | 230 | 0.0 | 16,714,959 |
| Standard Life | 12,542,862 | 32,8 | 541,904 | 1.4 | 15,697 | 0.0 | 38,205,286 |
| Sun Life | 3,647,783 | 40.9 | 303,429 | 3.4 | 20,906 | 0.2 | 8,912,780 |
| UTD Friendly Ins | 331,895 | 12.1 | 99,077 | 3.6 | 2 | 0.0 | 2,736,553 |
| Wesleyan | 203,001 | 14.4 | 61,872 | 4.4 | 68 | 0.0 | 1,413,501 |
| Windsor Life | 378,085 | 53.8 | 6,200 | 0.9 | 1,490 | 0.2 | 702,213 |
| Winterthur Life | 139,146 | 32.6 | 20,136 | 4.7 | 1,758 | 0.4 | 426,826 |
| WP Industry | -- | -- | -- | -- | -- | -- | -- |
| Total | 95,940,050 | 28.2 | 9,810,597 | 2.9 | 1,092,161 | 0.3 | 340,495,449 |
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