RAILTRACK investors are set to receive more than previously expected for their shares after the track operator is sold to Government-backed Network Rail, it was announced yesterday.
Railtrack Group, parent of track operator Railtrack plc which is in administration, said it is now estimated that shareholders will receive between 252p and 260p a share.
The payout is higher than the previous estimate of 245p to 255p. Shares were suspended a year ago at 280p when Stephen Byers, the then Transport Secretary, forced the company into administration. Railtrack Group also said it expected the sale of Railtrack plc to Network Rail and disposal of the group's interests in the Channel Tunnel Rail Link to London & Continental Railways to be completed in early October.
Geoffrey Howe, chairman of Railtrack Group, said: ''The board's priority is now to return cash to shareholders in a tax-efficient manner as quickly as possible through a solvent liquidation of Railtrack Group.''
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