£20m Railtrack claim hits Marconi
12 April 2012
BELEAGUERED telecoms equipment maker Marconi has been ordered by the High Court to deposit more than £20m with the court to cover a claim against it by Railtrack, the collapsed rail network operator.
Railtrack said it has a put option that can force Marconi to buy its stake in Easynet Group for £20m.
The claim is potentially worth 4p a share to Railtrack shareholders. But it will not alter the return of between 245p and 255p a share investors are forecast to receive following Railtrack's sale to Network Rail, its not-for-profit successor.
Marconi has 21 days to pay the money into court or face interest penalties.
