G.F, 323
0003230
CONFIDENTIAL #2
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ANNEX D TO XCS(73)12
Ref:
SCR 4/14/5591/72
CO P Y
Colonial Secretariat,
Lower Albert Road,
Hong Kong.
Letter to Hong Kong Metro Constructors Similar letters to The British Group
and I.M. Intermetro S.p.A.
18th October, 1973.
Dear Sir,
Please refer to the Secretary, Mass Transit Steering Group's letter of 20th September, 1973, enclosing copies of a proposed supplementary procedure for dealing with a pre-emptive bid.
2.
I am now to notify you that the Steering Croup has received a pre-emptive bid and has, after careful consideration and assessment, today declared the bid to be valid.
3.
You will wish to know that the bid in question meets all the "musts" in the Government's list of requirements, with the exception of requirement V(g). In other words, the bid has been based on the assumption that a Hong Kong Government guarantee would be provided in respect of the export credits/consortium finance to be arranged by the bidder. While the Steering Group is not persuaded that the Government's position on the question of a guarantee should be modified in any way, the Group has taken an overall view of the bid in question, and has come to the conclusion that it should not withhold validation of the bid solely on the ground that it does not meet one of the Government's "musts".
4.
Nevertheless, the fact that a pre-emptive bid has been validated, despite the fact that it falls short in this respect, carries certain implications which you will doubtless wish to consider. The Steering Group has consequently decided to extend the notification period envisaged in paragraph 3(b) of the supplementary procedure from 30 to 45 days, to assist you to re-assess your position and to give you more time to submit a counter-bid. You are, therefore, now advised that any counter-bid which you wish to submit should reach me on or before Sunday, 2nd December, 1973.
5.
With the receipt of a valid bid, the supplementary procedure enclosed with the Secretary, Mass Transit Steering Group's letter of 20th September, 1973, as modified by paragraph 4 above, now comes into operation. I should, however, like to remind you that:
(b)
(a) authority for the acceptance of any pre-emptive bid or counter-
hid rests, as you already know, with the Governor-in-Council; and
until such time as step 5(a) or step 5(b)(iii), as the case may be, is reached in the supplementary procedure, the Steering Group will continue to issue information to all interested consortia in accordance with the main sequence of events.
Yours faithfully,
Sgd.
(C.P. Haddon-Cave)
Financial Secretary
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