Scottish Power PLC - Cancellation of the Listing of B Shares, Implementation of a Rolling Repurchase Programme, Repurchase of Deferred Shares and Change of Name
Scottish Power plc (“ScottishPower”) announces that the Financial Services Authority has cancelled the listing of ScottishPower’s non-cumulative preference shares of 50 pence each (the “B Shares”) on the Official List, and that the London Stock Exchange has suspended the trading of ScottishPower’s B Shares, with effect from 8.00 a.m. this morning, 12 July 2007.
ScottishPower recognises the importance to the holders of B Shares of the ability to sell their B Shares and therefore intends to implement an off-market rolling share repurchase programme for all outstanding B Shares (the “B Share Rolling Repurchase Programme”) whereby holders of the B Shares will be offered the opportunity to sell their B Shares to ScottishPower on a fortnightly basis at a price of 360 pence per B Share.
Subject to receiving the requisite approval from the ordinary shareholders of ScottishPower, ScottishPower intends to implement the B Share Rolling Repurchase Programme shortly after the Delisting. ScottishPower proposes to contact the holders of the B Shares in due course with further details regarding the B Share Rolling Repurchase Programme.
ScottishPower also intends to implement the power under its Articles of Association to repurchase and cancel all of the outstanding deferred shares of 50 pence each (the “Deferred Shares”) for nil consideration as soon as possible following the Delisting.
In addition, ScottishPower announces that it will re-register as a private company and, as a consequence, will change its name from Scottish Power plc to Scottish Power Limited with effect from tomorrow, 13 July 2007.
Any queries in relation to the B Shares should be directed to Lloyds TSB Registrars on 0870 600 3999.
Scottish Power plc:
Investor Relations: Charles Langan +44 (0) 141 566 4853
Media Relations: Colin McSeveny +44 (0) 141 636 4515