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.
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.