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Tynwald Makes History In Voting to Buy the Isle of Man Steam-Packet

16th May 2018
Tynwald, the Manx Parliament makes history as it backs the Isle of Man Steam Packet take-over. Above Afloat adds is the operator's main ferry, the ropax Ben-My-Chree docked in Douglas Harbour. Tynwald, the Manx Parliament makes history as it backs the Isle of Man Steam Packet take-over. Above Afloat adds is the operator's main ferry, the ropax Ben-My-Chree docked in Douglas Harbour. Photo: IOMToday - facebook

#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.

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