(10 Sep 2013, 1:35 pm)eezypeazy wrote The shareholdings are based simply on each participating operator's share of the market in Tyne and Wear, and is the basis on which the revenue from NTL is divided. The Metro share is held by Nexus, who also have a share in respect of the Ferry. A Line is, to the best of my knowledge, the only small operator in Tyne and Wear with a commercial service. The implication is that NTL tickets are not valid on the seasonal Wright Bros service or the 131 Jedburgh service for journeys wholly within Tyne and Wear.

I would imagine that if a new operator was to start a service between, say, Fencehouses and Newcastle, competition law would mean that he would be able to join NTL and be given a shareholding commensurate with his share of the NTL market (assuming he accepted NTL tickets and sold Day Rovers and Transfares if appropriate).

So it shouldn't be a surprise that Metro and Go North East take the lion's share of NTL revenue, as the nature of their operations are going to be more suited to multi-modal journeys. It would be interesting to know what the Ferry's split of the PTE's holding amounts to.

Shareholdings of NTL and the share of NTL revenue taken are two completely separate things though. Your shareholding stake in a limited company gives you voting powers. Your share of NTL revenue doesn't give you anything but hard cash.

Regarding the Fencehouses example (it's funny how that keeps cropping up ). It's a private limited company with share capital. As such, the company cannot be forced to sell shares to the new operator. Not even anti-competitive laws would dictate this. As a company director for a limited company, I'm actually contractually bound to offer any shares I wish to sell to other shareholders, prior to offering them to a 3rd party. This is not uncommon practice.

On another note, I'd love to know what the £4.7m of assets they have are?