NOTHING TO BE WRITTEN IN THIS MARGIN
NOTE FOR RECORD
53
CROSS HARBOUR TUNNEL
Mr. Vine, a member of a Hong Kong law firm
representing the Tunnel Company, came to see me on
Friday, 18 August.
2.
3.
He made two points of interest:-
(a) If there was much more delay in reaching a
decision on this project, one of the
promoters (whom he preferred not to name e)
would probably back out.
(b) There is a discrepancy of $10 million
between the equity which up to recently
has been stated to be $120 million (£7.5
million) and the total of $110 million
which is being subscribed under the revised
arrangements reported by the Hong Kong
Government. This represents an issue of
preference shares to be made during the
construction period on the condition that
they are compulsorily converted to equity
holding at the opening of the tunnel.
Mr. Vine is on leave; he evidently hopes to take
a hand in the final preparation of contract documents,
drafts of which are already in London
31 August, 1967.
(w.se)