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Track records.

Document Cited in Related
Vincent
AuthorMelchers, Christopher
PositionLetters

I was very interested in the articles on Railtrack in April's FM, but I have a couple of comments. The graph on page 22 purports to show the relationship between Railtrack's share price and the FTSE 100, but it fails to do so properly because there are different relative scales for each item. For a true comparison the right-hand scale should run from 0 to 18,000. This would show more clearly how rapidly the Railtrack share price accelerated ahead of the FTSE in the first two years and leads to the possible conclusion that the shares were significantly underpriced on issue.

Steve Marshall's comment that "shareholders could not have known the state of the...

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