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.


@ThingsExpo Stories
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics gr...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things’). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing? IoT is not about the devices, it’s about the data consumed and generated. The devices are tools, mechanisms, conduits. In his session at Internet of Things at Cloud Expo | DXWor...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution. In his session at @ThingsExpo, Akvelon expert and IoT industry leader Sergey Grebnov provided an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...