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UK MOD Sale of the Ministry of Defence's shareholding in Qinetiq

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: 10 September, 2008  (New Product)
The Ministry of Defence (MOD) announced today the sale of its remaining ordinary shares in QinetiQ Group plc at a price of 206 pence per share.
Minister for Defence Equipment and Support Baroness Taylor said:

'I am pleased to announce that with this sale of shares in QinetiQ we have completed the final stage of its privatisation.

Ten years ago our in-house defence laboratories faced a difficult and uncertain future. The privatisation of QinetiQ transformed it into a successful British-based company employing around 13,000 people, and raised 830m for the taxpayer.

QinetiQ and its staff can be rightly proud of what the company has achieved since it was created in 2001. They remain a very important supplier to the MOD and we wish them every success.

Although we no longer have a financial stake in QinetiQ, we will retain a special share in the company to protect the UK's defence and security interests.'
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