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KINGSTON COMMUNICATIONS HITS JACKPOT FOR LOCAL SHAREHOLDERS

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Local people who bought shares in the local telecoms company, Kingston ...
Local people who bought shares in the local telecoms company, Kingston

Communications, in Hull are now sitting on a collective profit of more than£230m.

The Financial Times (February 12, p3) reported that the telephone company Hull City Council set up in 1902, and floated on the stock exchange in 1999, has seen share prices rise to over£13 in nine months.

Locals who bought£5,000 worth of shares could now make a profit of£25,000.

Hull City Council itself still owns 45 per cent of Kingston, worth a

potential£2bn.

Ken Branson, deputy council leader said there would be no overnight spending spree.

'We will continue to be prudent,' he said.

The council has already raised£255m from the sale, but is only allowed to spend the windfall on capital projects, which include a£32m sports stadium,£92m on council house repairs and£35m on school improvements.

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