Company shares

Our Ref: 2010/100

Dear Mr Traill

FREEDOM OF INFORMATION (SCOTLAND) ACT 2002

Thank you for your email. Your enquiry has been registered and passed to the appropriate department for action. Our response should be issued to you no later than 15 March.

If you require any further assistance in the meantime please do not hesitate to contact me.

Yours sincerely

Shelley Neville
Law & Licensing
East Lothian Council
John Muir House
Haddington
EH41 3HA

Tel: 01620 827623
Fax: 01620 827438
Email: [East Lothian Council request email]

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Dear Sir/Madam

I refer to your recent FOI request and include an extract from the
Council's latest set of financial statements which answer the queries you
have raised.

20. Interests in companies

East Lothian Council holds 200,000 £1 Ordinary shares in Lothian Buses
plc. This represents 3.13% of the total share capital. At 31 December
2008 the net assets of the group amounted to £43.60m (31 December 2007:
£54.92m) after a year in which a profit on ordinary activities before
taxation of £0.98m (31 December 2007: £10.2m) was returned. During the
year the Council received final dividends totalling 34.35p per share
(2007/08: 34.34p per share).

The Council is sole shareholder, at a cost of £800,000, in East Lothian
Land Limited, set up in 2000 for the purpose of managing land to support
economic development in East Lothian. The accounts for the period of
trading to 31 March 2009 show net assets of £0.395m (31 March 2008:
£0.402m), and a loss before taxation of £0.008m (31 March 2008: profit
of £0.006m). No dividend was received.

These accounts also include the Council's interest, estimated as 40%, in
East Lothian Investments Limited, a company limited by guarantee, set up
in 1998 to hold investments inherited from the former Lothian Investments
Board and intended to support the development of businesses in East
Lothian. The net assets of the company at 31 March 2009 amounted to
£0.246m (31 March 2008: £0.247m). The results for the period to 31 March
2009 showed a loss after taxation of £0.002m (31 March 2008: £0.020m).
No dividend was received.

East Lothian Land Limited is included in the Group Accounts.

If you have any queries about this I can be contacted on the telephone
number or e-mail below.
If you are dissatisfied with the way your request has been handled or with
the information we have provided, you are entitled to request that we
undertake an internal review. We must receive such a request within 40
working days of the date of this notice. A request to review our decision
must be in writing (e-mail is acceptable) or another permanent format. We
will then have 20 working days from the date we receive your request in
order to complete our review and give you our decision. The review will be
conducted by the Chief Executive or another official nominated by him.
Please address this request to:

The Chief Executive
East Lothian Council
John Muir House
Haddington
EH41 3HA
If you are still not satisfied with our decision following the review
process, then you may ask the Office of the Scottish Information
Commissioner (OSIC) to investigate the matter. You may contact OSIC at:

Scottish Information Commissioner
Kinburn Castle
Doubledykes Road
St Andrews
Fife
KY16 9DS
Telephone: 01334 464610
Fax: 01334 464611
E-mail: [email address]
Information about East Lothian Council's complaints procedure can be found
at: www.eastlothian.gov.uk/content/0,,1095,0...

Yours sincerely
Anthony Gillespie
Finance Manager
Tel: 01620 827702

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