Thursday, November 22, 2007

Qinetiq



Q clocked out just before payday



We'll be blogging the NAO's report on the scandalous cut-price sale of Qinetiq when it's published tomorrow.

As you will know, Qinetiq was formed out of the MOD's Defence Evaluation and Research Agency, and floated in 2006. When we looked at it here, we noted that the Carlyle private equity group had made £300m in three years. And also that the ex-civil servant management were generously wedged with cut-price shares.

According to reports:

"Sir John Chisholm, chairman of QinetiQ - and also chairman of the Medical Research Council - and Graham Love, the chief executive, turned investments of £129,000 and £108,000 into assets worth £22m and £18m respectively when the firm was floated in 2006.

A year later, Love, a motor-racing enthusiast who owns three vintage Jaguars, re-sold 2.9m shares for £6m. The directors made the huge profit in three years.

Today both men, who are still on the board of the defence technology company, own 20m shares between them."

Tomorrow we get the NAO's chapter and verse. We'll highlight the horrors.

Meanwhile, for a reminder of Bottler's other great sales triumph- selling our reserves to Goldfinger for twenty quid- see here. And just to rub it in, today's gold price is $802 per ounce; Brown sold at less than $300. 400 tons sold at an average $275... Tyler's fag packet says it's cost us $7.2bn.

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