Publication - FOI/EIR release

Details of loan facility to Burntisland Fabrications Limited (BiFab): FOI release

Published: 27 Jun 2019

Information request and response under the Freedom of Information (Scotland) Act 2002.

Published:
27 Jun 2019
Details of loan facility to Burntisland Fabrications Limited (BiFab): FOI release
FOI reference: FOI/18/02771 Appeal
Date received: 14 Dec 2018
Date responded: 14 May 2019
Information requested

In November 2017, Scottish Ministers granted a £15 million loan facility to Burntisland Fabrications Limited (BiFab) - company registered number SC213282. This loan facility was subsequently secretly increased to £35 million, fully drawn down and converted in to class B shares in BiFab Limited during 2018.
In respect of this £35 million investment please provide Scottish Minister's assessment of the value of the investment:
(A) Immediately before the conversion of the £35 million loan to shares.
(B) Immediately after the conversion of the £35 million loan to shares.
(C) The latest available valuation of the shareholding (please give date of valuation).
I request this information in the public interest of efficient and effective use of £35 million of public funds.

Response

I am writing regarding your appeal to the Scottish Information Commissioner in relation to your request for:
‘In November 2017, Scottish Ministers granted a £15 million loan facility to Burntisland Fabrications Limited (BiFab) - company registered number SC213282. This loan facility was subsequently secretly increased to £35 million, fully drawn down and converted in to class B shares in BiFab Limited during 2018.
In respect of this £35 million investment please provide Scottish Minister's assessment of the value of the investment:
(A) Immediately before the conversion of the £35 million loan to shares.
(B) Immediately after the conversion of the £35 million loan to shares.
(C) The latest available valuation of the shareholding (please give date of valuation).
I request this information in the public interest of efficient and effective use of £35 million of public funds’.

We have now given further consideration to the information held which would fall within the scope of your request. Whilst we have determined that we were entitled to response to part (a) and part (b) of your request under section 17(1) (information not held) of FOISA we have now identified some information which would fall within part (c) set out above. I apologise that this information was not previously identified as falling within the scope of this request and for the delay in providing this information.

I have enclosed an extract from Grant Thornton UK LLP report in relation to pre-drawdown
diligence which provides an estimate of the shareholding dated 16 May 2018.

 

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