Welcome!

Eclipse Authors: Pat Romanski, Elizabeth White, Liz McMillan, David H Deans, JP Morgenthal

Related Topics: Eclipse

Eclipse: Article

Scottish Power PLC announces Result of EGM

Scottish Power PLC announces Result of EGM

GLASGOW, UK -- (MARKET WIRE) -- 03/30/07 --

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
IN OR INTO OR FROM AUSTRALIA, CANADA OR JAPAN



                                                      30 March 2007

                               SCOTTISH POWER PLC

SHAREHOLDER APPROVAL OF RECOMMENDED OFFER BY IBERDROLA, S.A., INFORMATION ON DELIVERY OF CONSIDERATION TO ADS HOLDERS, ANNOUNCEMENT OF PRELIMINARY RESULTS

Results of the Court Meeting and ScottishPower EGM

Scottish Power plc ("ScottishPower") announces that at the Court Meeting and the ScottishPower EGM held earlier today to approve the recommended offer (the " Offer") for ScottishPower by Iberdrola, S.A. ("Iberdrola"), to be effected by way of a scheme of arrangement pursuant to section 425 of the Companies Act 1985 (the "Scheme"), both of the resolutions proposed received the overwhelming support of shareholders.

At the Court Meeting, a majority in number of ScottishPower shareholders who voted (either by person or by proxy), representing over 75% by value of the votes cast, voted in favour of the resolution to approve the Scheme. The resolution was accordingly passed. At the ScottishPower EGM, the resolution to approve the Scheme and provide for its implementation was also passed by the requisite majority.

The voting of those members who cast votes either in person or by proxy at the Court Meeting is summarised below:

Description
of
Resolution  Votes For  % Votes   Votes      % Votes  Total Votes  Votes
                       For       Against    Against  Cast         With-
                                                                  held
To approve
the Scheme 577,361,223 97.66%  13,841,712   2.34%   591,202,935  3,119,880



The voting of those members who cast votes either in person or by proxy
at the ScottishPower EGM is summarised below:


Description
of
Resolution  Votes For  % Votes   Votes      % Votes  Total Votes  Votes
                       For       Against    Against  Cast         With-
                                                                  held

Special   552,083,791  97.63%  13,417,881   2.37%   565,501,672  3,504,136
Resolution
to approve
the Scheme
and provide
for its
implementation

Copies of the resolutions passed at the Court Meeting and ScottishPower EGM have been submitted to the Financial Services Authority ("FSA") and will shortly be available for inspection by the public at the FSA's Document Viewing Facility which is situated at: Document Disclosure Team, UK Listing Authority, The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS (tel. +44 (0)20 7066 8333) from 9.00 a.m. to 5.30 p.m. on every weekday except bank holidays.

Conditions to the Offer

Completion of the Offer remains subject to the satisfaction or, if permitted, waiver of the conditions to the Offer as set out in the scheme document dated 26 February 2007 and sent to ScottishPower shareholders, including, inter alia, the sanction of the Scheme by the Court of Session, Edinburgh, Scotland.

Key Dates(1)

The Court hearings to sanction the Scheme and to confirm the reduction of ScottishPower's share capital are expected to take place on 19 April 2007 and 23 April 2007 respectively. Subject to the satisfaction of the conditions to the Offer, the Effective Date of the Scheme is expected to be 23 April 2007.

Listing and dealings in ScottishPower ADSs on the New York Stock Exchange are expected to be suspended as of close of business on 4 April 2007.

Listing and dealings in ScottishPower Shares on the London Stock Exchange are expected to be suspended and ScottishPower Shares are expected to cease to settle in CREST as of close of business (London time) on 19 April 2007.

Settlement of New Iberdrola Shares to be issued through Iberclear is to occur as soon as reasonably practicable after the Effective Date, with dealings for normal settlement in New Iberdrola Shares on the market of Bolsas de Valores expected to commence on 25 April 2007, and settlement of Iberdrola CDIs is to occur shortly thereafter.

ScottishPower's Special Dividend of 12 pence is expected to be paid on 27 April 2007 to those ScottishPower Shareholders who are on ScottishPower's register of members at 9.00 a.m. (London time) on the day after the Court sanctions the Scheme, expected to be 20 April 2007.

Delivery of consideration to ScottishPower ADS Holders - change to delivery process

The Depositary has confirmed that registered ScottishPower ADS Holders who hold their ScottishPower ADSs through the Direct Registration System of DTC will receive the basic consideration automatically following the effectiveness of the Scheme. Such holders therefore do NOT need to complete and return a Letter of Transmittal and Form of Election in order to receive the basic consideration, as previously indicated in the Scheme Document. However, registered ScottishPower ADS Holders who hold their ScottishPower ADSs in certificated form DO need to complete and return a Letter of Transmittal and Form of Election (including all ScottishPower ADS certificates) in order to receive the basic consideration.

Announcement of preliminary results

ScottishPower also announces that it will publish its preliminary results for the 12 months to 31 March 2007 on or after 19 June 2007. A further announcement will be made following completion of the Offer.

Terms not otherwise defined in this announcement shall have the same meanings as set out in the scheme document dated 26 February 2007.

END

For further information:


Scottish Power plc
Investor Relations: Peter Durman               +44 (0) 141 636 4527
Media Relations: Colin McSeveny                +44 (0) 141 636 4515

Cardew Group (PR adviser to
Scottish Power plc)
Anthony Cardew                                 +44 (0) 20 7930 0777
Rupert Pittman                                 +44 (0) 20 7930 0777



--------------------------

(1) These times and dates are indicative only and will depend, among other things, on the date on which the conditions to the Offer are either satisfied or waived. Furthermore, these times and dates may change depending on the dates on which the Court sanctions the Scheme and confirms the reduction of ScottishPower's share capital.

            This information is provided by RNS
 The company news service from the London Stock Exchange

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Comments (0)

Share your thoughts on this story.

Add your comment
You must be signed in to add a comment. Sign-in | Register

In accordance with our Comment Policy, we encourage comments that are on topic, relevant and to-the-point. We will remove comments that include profanity, personal attacks, racial slurs, threats of violence, or other inappropriate material that violates our Terms and Conditions, and will block users who make repeated violations. We ask all readers to expect diversity of opinion and to treat one another with dignity and respect.


IoT & Smart Cities Stories
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence. Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busine...