Complex sentence: In May 1996 the franchise was awarded to Prism Rail by the Director of Passenger Rail Franchising for 15 years with an average annual subsidy of £18.4 million and commenced operating as "LTS Rail" on 26 May 1996.
Split into simpler sentences: In May 1996 the franchise was awarded to Prism Rail by the Director of Passenger Rail Franchising for 15 years with an average annual subsidy of £18.4 million. It began operating as "LTS Rail" on 26 May 1996.