Scottish Power plc (“ScottishPower”) announces that it intends to request the cancellation of the listing (the “Delisting”) on the London Stock Exchange of all of its non-cumulative preference shares of 50 pence each (the “B Shares”) and to implement an off-market rolling share repurchase programme for all outstanding B Shares (the “B Share Rolling Repurchase Programme”).
Following the acquisition by Iberdrola, S.A. (“Iberdrola”) of the entire issued ordinary share capital of Scottish Power on 23 April 2007 (the “Takeover”), the listing of ScottishPower’s ordinary shares was cancelled, and the ordinary shares ceased to trade on the London Stock Exchange.
As publicly announced on 23 May 2007, Iberdrola intends to sell up to 20 per cent. of the shares in its renewable energy subsidiary, Iberdrola Energías Renovables, through a capital increase followed by an initial public share offer (the “IPO”). Prior to the proposed IPO and as a result of the Takeover, Iberdrola proposes to restructure all of the renewable energy-related businesses within the ScottishPower and Iberdrola group (the “Reorganisation”).
As part of the Reorganisation, ScottishPower intends to apply to the FSA for the listing of the B Shares on the FSA’s Official List to be cancelled, and to the London Stock Exchange for them to cease to be admitted to trading. The listing of the B Shares on the FSA’s Official List is expected to be cancelled, and the B Shares are expected to cease trading, with effect from the commencement of business on 12 July 2007.
ScottishPower recognises the importance to the holders of the 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, whereby holders of the B Shares will be offered the opportunity to sell their B Shares back to ScottishPower on a fortnightly basis at a price of 360 pence per B Share. ScottishPower proposes to contact the holders of the B Shares in due course with further details regarding the B Share Rolling Repurchase Programme.
Any queries in relation to the B Shares should be directed to Lloyds TSB Registrars on 0870 600 3999.
Investor Relations: Charles Langan +44 (0) 141 566 4853
Media Relations: Colin McSeveny +44 (0) 141 636 4515