Re: [Merged] ntl to sell Broadcast Division.
 

Right now half the forum think NTL are selling Norfolk to the Australians? Reminds me of Jade Goody and her 'East Angleeea - I thought that was abroad?'

http://theinternetforum.co.uk/bigbrother3/jade2.html

Re: [Merged] ntl to sell Broadcast Division.
 

And the sale includes the UK's tallest free-standing structure. ntl no longer rising to great heights, perhaps?

Re: [Merged] ntl to sell Broadcast Division.
 

Slightly incorrect:

The fibre optic network is owned by Networks and is not part of Broadcast.

Still 1.75b - I think they've made a killing

Re: [Merged] ntl to sell Broadcast Division.
 

It'll be interesting to see how this sell off works. A lot of Ntl's national core fibre network runs through broadcast sites plus they have a lot of equipment installed on them. I think 1300 staff will move across to the new company. It's the only profitable bit Ntl owned. It's all the stuff that used to be the engineering arm of the IBA. Their main building is at Crawley Court Winchester.:dozey:

Re: [Merged] ntl to sell Broadcast Division.
 

Boolloocks, you obviously don't know what your talking about. All divisions of ntl are "operating" at a profit.

The company is not yet showing a profit because of its debt but revenues are up.

Broadcast is a good solid business but its revenues of 66.6m in the last Quarter are dwarfed by ntl:Homes revenue of 405m.

Broadcasts profits in the last quarter were actualy wiped out by a contractual failure so they only made 2.4m whereas Home made 180m.

This is not a problem and leasing and wayleave agreements have already been done.

ntl have agreed a five year lease of one of the floors so ntl staff that need to will be staying at the site.

Re: [Merged] ntl to sell Broadcast Division.
 

Can someone please greenie rep pierre for me? :D

ntl Broadcast: Pensions
 

bectu.org.uk
5th January

More talks scheduled on Ntl: pensions
A series of meetings has been set up to discuss staff pensions and other rights after communications company Ntl: is sold.

At the meetings, which are due to take place throughout January, BECTU hopes to finalise details of a final-salary staff pension scheme, which new owner Macquarrie Communications has promised will be "broadly equivalent" to Ntl's exising scheme.

Union negotiators are pressing Ntl: management to put right a pension deficit of more than £50m before the company's ownership passes to Macquarrie, to ensure that there is enough cash in the fund to guarantee that all current pension entitlements can be honoured.

Macquarrie are in the process of appointing a specialist pension consultant to help design a new scheme for Ntl: staff working in transmitters and related areas, whose pension entitlements date back to a period when they were employed by the now-defunct Independent Broadcasting Authority.

However members are concerned that the current Ntl: schemes will be frozen following the transfer of staff to Macquarie Communications Infrastructure Group, and staff will become deferred members.

Ntl: has agreed to meet its "statutory obligations" in respect of the current scheme, which will leave members potentially out of pocket since their un-taken pensions will increase only in line with inflation, or 5% per year if that is lower than RPI, instead of matching growth in earnings.

One of the planned meetings, on January 20, will bring union representatives together with trustees of the current Ntl: pension scheme, while in separate talks with company management, BECTU will be trying to win guarantees that benefits linked to the pension scheme, like early retirement and redundancy, are retained after the transfer of ownership.

Union official David Beevers said, "BECTU's objective is to get Ntl: to make good the schemes current deficits out of the proceeds of the sale to facilitate a seemless like-for-like transfer of funds in to the new MCIG scheme.

"Ntl: owe this to their Broadcast staff who have made the business what it is today, worth the £1.27 billion price tag to be paid by Maquarrie."

5 January 2005

Re: ntl Broadcast: Pensions
 

So am I right to assume that Broadcast didn't transfer their pension scheme (ie: the one before cableTel bought them) into the Rothschild Asset Management one?

I am guessing this must be the case because the Rothschild one was a Group Private scheme, and I didn't think ntl could remove money from it. Or are they saying ntl did not pay in for a period because they were short of cash.

If my memory serves me, there were changes to the Rothschild one later on, as the pension company changed ownership. The bottom line is I suppose how is my frozen ntl pension doing?

Am I shafted again?