Displaying items by tag: Vote to Acquire
#FerryNews - Tynwald, the Manx Parliament made history as it voted to take the Isle of Man Steam Packet into public ownership.
According to IOM Today, following a three hour debate, Tynwald voted by 23 votes to one in the Keys and unanimously in LegCo to acquire the ferry company for £124.3m.
The only member to vote against was LibVan leader Kate Beecroft.
Under the deal, negotiated between Treasury and the Packet’s bank and hedge fund owners, government will acquire a 100% shareholding of parent company MIOM Ltd using £124.3m of cash reserves.
Some £76m will appear in the accounts as a loan.
Government will look at options to restructure that loan.
For further reading on the decision to acquire the ferry operator, click here.
Published in
Ferry
Tagged under
