2017 Report details for project: Project Eagle (formerly Urenco Future Options)

Project name: Project Eagle (formerly Urenco Future Options) - there are 5 reports for this project: 2013, 2014, 2015, 2016, 2017
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Organisation: BEIS (D1198) - see all reports for this organisation
Report year: 2017 (data is from Sept 2016)
Category: Transformation - see all reports for this category
Description: Urenco is a company which provides enriched uranium to the civil nuclear industry.HMG's objective is to sell HMG's one- third shareholding in Urenco.UKGI is currently looking at 1. the benefits of transforming the governance to a corporate board structure and 2. the commercial value of creating the optionality to sell.
DCA (RAG): Red
DCA text: The proposed corporate restructuring of Urenco that would have enabled a possible future sale of HMG’s stake in the company is now not going ahead as all the parties involved were unable to agree and we will continue to assess all our options.
Start date: 2010-02-01
End date: 2013-04-30
Schedule text: The proposed corporate restructuring of Urenco that would have enabled a possible future sale of HMG’s stake in the company is now not going ahead as all the parties involved were unable to agree on a proposed new governance structure. As no agreement was reached we continue to assess all our options
Baseline: £1.70m
Forecast: £1.70m
Variance: 0.00%
Variance text: Budget variance less than 5%.
Whole Life Cost: £32.60m
WLCost text: The whole life cost respresented an estimate at April '16 of the advisory fees payable in order to realise a sale. These were mainly a success fee to an investment bank upon successful completion of a sale and legal fees on the corporate restructuring, shareholder agreement, taxation structuring, legislation and other elements necessary prior to a sales process being possible. However, the project has since closed whilst structuring and governance issues are re-examined.
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Sourcefile: IPA_2017.csv

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Acknowledgement: GMPP data has been re-used under the Open Government Licence.