Pennon Group PLC WaterShare+ Scheme Result of Share Offer (9828C)
23 Octubre 2020 - 1:00AM
UK Regulatory
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RNS Number : 9828C
Pennon Group PLC
23 October 2020
23 October 2020
Pennon Group Plc
WaterShare+ Scheme
On 18 September 2020, Pennon Group Plc announced the launch of
South West Water's pioneering customer scheme, the "WaterShare+
Scheme".
The WaterShare+ Scheme, which has been developed in direct
response to feedback from South West Water customers, is an
innovative voluntary mechanism for sharing regulatory
outperformance, endorsed by Ofwat and approved by Pennon
shareholders. Reflecting regulatory outperformance to 2020, GBP20
million is being given to customers, equating to circa GBP20 per
customer.
As part of this unique scheme certain customers were able to
elect to receive GBP20 in Pennon shares as an alternative to
receiving a GBP20 credit on their bill. As a result, one in 16
households have become Pennon shareholders under the WaterShare+
Scheme, with in excess of 100,000 customer shares purchased via a
WaterShare+ dividend of GBP1,186,973.44 [1] .
Susan Davy, Pennon Chief Executive Officer, commented:
"This landmark step for a listed utility opens up a new kind of
share ownership scheme for customers, connecting them with their
water company in a way that has never been done before. If South
West Water continues to outperform, we will share further financial
benefits with our customers, including the opportunity for them to
take a bigger stake in their water company and for more customers
to become shareholders."
"We're very pleased with the positive response we've had to this
trailblazing initiative. It's an important milestone on our journey
to creating a new kind of water company, closer to the customers
and communities we serve."
For further information, please contact:
Pennon Group plc +44 (0)1392 443 168
Paul Boote Group Finance Director
Jennifer Cooke Group Investor Relations Manager
Media Enquiries +44 (0)207 251 3801
James Murgatroyd Finsbury
Harry Worthington
Important Legal Information
The Pennon shares referred to herein have not been, and will not
be, registered under the US Securities Act of 1933, as amended, or
any relevant securities laws of any state or other jurisdiction of
the United States, and may not be offered, sold, taken up,
exercised, resold, renounced, transferred or delivered, directly or
indirectly, within the United States absent registration or an
applicable exemption from the registration requirements.
[1] For the purposes of paying the WaterShare+ Scheme dividend,
Pennon issued and allotted a single non-cumulative redeemable
preference share of GBP0.01 in the capital of Pennon to Link Market
Services Limited.
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END
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