Following the disposal of PacifiCorp by ScottishPower in 2006, ScottishPower announced a return of £2.25 billion of the proceeds from the sale of PacifiCorp to ScottishPower shareholders.
The method of the return of cash was made by way of a B Share scheme accompanied by a share consolidation designed to maintain comparability of share price, earnings per share and dividends.
A number of alternatives were available under the B share scheme and at the time of the transaction with Iberdrola a number of B shares remained outstanding. The B shares were not acquired by Iberdrola.
Following the delisting of the B shares from the London Stock Exchange in 2007, ScottishPower implemented a rolling B share repurchase programme.
In May 2011, ScottishPower exercised its authority to repurchase and cancel all B Shares remaining in issue. The repurchase price was £3.60 per B share.
If you require any further information on the ScottishPower B Share scheme, please contact Equiniti, our UK Registrar.