Raiding the rails
IN THE green Devon hills, a puff of white smoke signals the presence of the Dart Val- ley Light Railway — but who is this masked figure galloping alongside? Can this be a hold-up? A takeover? My railway corre- spondent, I.K. Gricer, tells me that the shareholders have been approached by an obscure offshore outfit called Value Invest- ments, which is offering to buy their shares. The Dart Valley's board (whose high-pres- sure boilers include Ian Allan and Sir William McAlpine) recommend any would- be sellers to consult Rowan Dartington, the company's brokers, who would arrange to place their shares. I would recommend them to sit tight and see what happens. If someone is trying to build up a stake in their company, they need to flush him out into the open. I.K. Gricer hopes that the Dart Valley — which, as he says, receives no subsidy but makes a profit and pays divi- dends —will bid for its erstwhile parent, the Great Western, where a controlling stake is up for grabs. Then the GWR could have chocolate and cream coaches (I.K. Gricer drools), green and gold engines, cream teas in the diner and, of course, steam traction.
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