Participating interests

Brief details of principal operating subsidiary and associated undertakings and participating interests in satellite consortia at 31 March 1993, all of which were unlisted unless otherwise stated, were as follows:
Subsidiary undertakings	Activity				Group interest in allotted capital(b)	Country of registration or incorporation (and operations)
BT Australasia Pty Limited (a)	Communication related services and products provider				100% ordinary	Australia
BT (CBP) Limited (a)	Financial market telecommunication equipment provider				100% ordinary	England
BT France (a)	Communication related services and products provider				100% ordinary	France
BT (Marine) Limited (a)	Subsea engineering contractor				100% ordinary	England (International)
BT North America Inc (a)	Communication related services and products provider				100% common	USA
BT Property Limited	Property holding company				100% ordinary	England
BT Repair Services Limited	Telecommunication equipment maintenance provider				100% ordinary	England
BT Telecom (Deutschland) GmbH (a)	Communication related services and products provider				100% ordinary	Germany
BT (Worldwide) Limited (a)	International network systems provider				100% ordinary	England (International)
Manx Telecom Limited (a)	Telecommunication services supplier				100% ordinary	Isle of Man
Syncordia Corporation (a)	Telecommunication management services provider				100% common	USA (International)
Telecom Securicor	Mobile cellular telephone				60% ordinary	England
Cellular Radio Limited (a)	system provider and operator
Yellow Pages Sales Limited (a)	Yellow Pages sales contractor				100% ordinary	England
(a) Held through intermediate holding company. (b) The proportion of voting rights held corresponds to the group interest percentage.
Associated undertakings	Activity	Share capital or debt securities				Country of registration or incorporation
		Issued (c)		Percentage owned
Belize Telecommunications Limited (a)	Telecommunication services supplier	Equity				Belize
			ordinary B$32m	25%
			preference B$6m	-
Fulcrum Communications Limited	Telecommunication equipment manufacturer	Equity	£3.6m	25%		England
Gibraltar Telecommunications International Limited (a)	Telecommunication services supplier	Equity	G£2.1m	50%		Gibraltar
McCaw Cellular Communications, Inc. (a) (b)	Mobile cellular telephone and broadcasting systems provider and operator	Equity Debentures and notes	US$2.0m US$1,595m	18% -		USA
Marshalls Finance Limited	Money broker	Equity	ordinary £14.8m	30%		England (International)
		preference	£0.8m	94%
		Notes	£13m	-
(a) Held through intermediate holding company.
(b) Listed company.
(c) Equity comprises ordinary or common shares unless otherwise stated.
Participating interests in Satellite consortia				Percentage participation		Location of headquarters
European Telecommunications Satellite Organisation (INMARSAT)				17%		France
International Maritime Satellite Organisation (INMARSAT)				9%		England
International Telecommunications Satellite Organisation (INTELSAT)				8%		USA

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