What they wanted from the deal

Achieved

Comments

To restructure NATS so as to allow it to implement its business plan for enhancement of UK ATC. At extreme, to avoid NATS going into administration, or retreating into public ownership, with the attendant uncertainties and risks to the business

Yes

Acting as a responsible shareholder, to negotiate a fair return from any further investment in NATS

Probably, subject to NATS' performance

Government's £65m investment ranks equally (both shares and loan notes) with BAA plc's investment, (See below)

To leave NATS still in the operational control of the private sector, and off government's balance sheet

Yes

A contribution from each of the key parties

Yes

Though not necessarily equal or equitable contributions

To preserve the quantum of the Employees' Trust stake

Yes

Through a fairly modest top-up by the other shareholders

What the other parties wanted them to contribute to the deal [Which parties]

Conceded

Comments

Originally, to contribute a greater cash injection to NATS than was implied by their remaining shareholding

No

To continue the £30 million interim loan facility to NATS, pending agreement on the restructuring [ALL]

Yes

As Banks. [Neither facility was actually used]

An additional investment of £65 million in NATS on equivalent terms to the new investor, BAA plc [ALL]

Yes

Increased from the £50m initially offered

Tolerating dilution of their pre-existing equity stake in NATS, which ranks behind the new loan stock investment from BAA and HMG [BAA plc]

Yes

Tolerating dilution of their Board influence to the limited extent that the number of directors has increased to 15 from 13 to accommodate BAA plc [BAA and the Airline Group]

Yes

All three Partnership directors still retain their various vetoes and inspection rights. The Airline Group could outvote HMG before anyway

Bears own transaction costs (£3.6 million)

Yes

Mainly advisers' fees