Completion of the divestment of coal-fired generating plant to Eastern Group plc and confirmation of payment of Special Dividend.LONDON--(BUSINESS WIRE)--June 27, 1996-- National Power today completed the divestment divestment to strip one's investment from an entity. of 4,000 MW of coal-fired generating plant (West Burton West Burton refers to more than one place in England:
Ironbridge 'B' Power Station (also known as Buildwas Power Station ) to Eastern Group plc. The divestment fulfils the Company's undertaking to the Regulator regulator, n the mechanical part of a gas delivery system that controls gas pressure that allows a manageable flow of drug vapor to escape. regulator see reducing valve. to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose plant to create additional competition in generation. Completion of the divestment, the terms of which were agreed on 19th April, 1996, follows its approval by National Power shareholders on 31st May, 1996 and the receipt of various regulatory clearances. At the time of its announcement of preliminary results on 17th May, 1996, National Power stated that it intended, subject to completion of the divestment, to pay a Special Dividend of #1.00 (net) per share. Accordingly, National Power today confirms that the Special Dividend will be paid on 20th August, 1996 to shareholders on the register on 23rd July, 1996. The shares will go ex dividend on 15th July, 1996. A proportion of the Special Dividend will constitute a capital distribution as defined in the trust deed A legal document that evidences an agreement of a borrower to transfer legal title to real property to an impartial third party, a trustee, for the benefit of a lender, as security for the borrower's debt. of National Power's 6 1/4% Convertible Bonds due 2008. Accordingly, the conversion price of the Convertible Bonds will be adjusted to take account of the capital distribution element of the Special Dividend. Notice of the adjustment to the conversion price will be given as soon as practicable after 23rd July, 1996. Holders of Convertible Bonds wishing to exercise conversion rights so that ordinary shares arising on conversion are eligible to receive the Special Dividend and the proposed final dividend of 17.6p in respect of the year ended 31st March, 1996 should deliver Convertible Bonds for conversion in accordance with the terms of the trust deed no later than Friday, 19th July, 1996. CONTACT: National Power PLC, London Lynda Jenkins 44-171 615 3912 |
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