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OFT okay with Manx Gas sale

Director not surprised by change of ownership

The Director of the Office of Fair Trading says he's not surprised at the change of ownership of Manx Gas and doesn't believe it will affect its operation on the Island.

Onchan Commissioner Rob Callister questioned the timing of the sale - a few months after Manx Gas increased standing charges.

He believes the guaranteed revenue from the charges made Manx Gas more attractive to its new owners and has called for the OFT to investigate the sale.

However, Mike Ball says since the regulatory agreement with Manx Gas was signed, former owner Brookfield had been wanting to off-load parent company IEG.

New owners Ancala Partners, whose investors are primarily UK and European Pension Funds would see it as a solid investment.

And Mr Ball rejects the theory the standing charges made Manx Gas look more attractive to purchasers:

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