Question over ability to sell Pinewood shares raised in Tynwald

Tynwald buildings, Douglas

Tynwald buildings, Douglas

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Liberal Vannin leader Kate Beecroft continued her campaign in Tynwald for more answers on the Pinewood deal.

The Douglas South MHK asked Treasury Minister Eddie Teare if he was privy to confidential information which could affect government’s ability to sell its Pinewood shares.

Mr Teare replied there was a ‘lock-in’ agreement which meant that no trading of shares could take place until October this year - and there would be occasions when a shareholder’s ability to deal in shares will be restricted by ‘insider knowledge’. He said he had looked at the share price and ‘we are £9m up’. ‘I would say it’s a measure of success.’

But Mrs Beecroft said that success was theoretical only as the shares could not be sold yet. She pressed the Minister on what other issues might prevent the shares being sold. ‘It depends on circumstances at the time,’ replied Mr Teare.

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