TNAG-0426-FCO40-472-Construction-of-an-underground-railway-system-in-Hong-Kong-1973 — Page 82

G. F. 323

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5.

Accordingly, the Steering Group has decided to declare the Japanese Consortium's bid to be valid, but, at the same time, to inform the other consortia that the validation has been based on an overall assessment, and that the bid which has been validated is based on the assumption that a Hong Kong Government guarantee would be given in respect of export credits/consortium finance. Furthermore, in view of the implications which the question of a Hong Kong Government guarantee may have on other factors (particularly financial factors), the Steering Group has concluded that a reasonable amount of extra time must be given to the other consortia to enable them to re-assess their own positions and to decide on the form and content of the counter-bids, if any, they might wish to put forward. The Steering Group has, therefore, decided to extend the notification period under step 3(b) of the procedure for dealing with a pre-emptive bid from 30 to 45 days.

6.

which

On receipt of your formal acknowledgement of this letter, the Steering Group will inform the other three consortia that it has declared a pre-emptive bid to be valid, and that the supplementary procedure, as amended, will come into operation. The first day of the 45-day notification period will be the day following the date of receipt of your acknowledgement.

7.

Finally, I should like to remind you that authority for the acceptance of any pre-emptive bid or counter-bid rests, as you already know, with the Governor-in-Council.

Yours faithfully,

Sgd.

(C.P. Haddon-Cave) Financial Secretary

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