Thanks Andy.
Port of Dover papers - PDCT reserved matters:
Veto
In order to enhance the rights attaching to the PDCT's equity stake, it is proposed that the PDCT
should benefit from a right of veto in relation to:
1. the sale by the Company of all or a major part of the statutory harbour undertaking of the
Port of Dover (other than as part of an internal group reorganisation);
2. variations or reductions of share capital (including share buy-backs) which are designed to
return capital to investors otherwise than on a pro rata basis to all shareholders;
3. alteration of the Company's name or its registered office;
4. amendments to the Company's Articles of Association to the extent that such
amendments adversely impact on the PDCT's rights as a shareholder (including any
amendments to the articles relating to Partnership Directors);
5. the disapplication of pre-emption rights; and
6. any forced transfer of PDCT's shares (unless such transfer is required as a matter of law).
Looks good doesn't it? Well except for item 1 which basically negates the rest if the new owners decide to transfer ownership overseas as part of a group re-organisation. And then - read on and the above become just so many meaningless words.
The document continues:-
The scope of the consent matters listed in this note may need to be amended in the run up to
privatisation in order to reflect regulatory requirements or developments (for example in order to
satisfy UKLA/EU Prospectus rules and/or Takeover Panel requirements (if applicable)) or
commercial discussions with potential investors.
Erm

- and I paraphrase - so we give these rights of veto to you but reserve the right to disapply all or some of them or change them as we see fit after we have received the go ahead from Government to privatise and no one is in a position to challenge us anymore.
This is the real measure of significant and enduring that the DHB wish to see the community have over the future strategic direction and development of the port - none.