Business
Pennon - Circular and notice of general meeting
Pennon - Circular and notice of general meeting.
About this update from Pennon Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6584A\n Pennon Group PLC\n 03 June 2021\n \n \n \n \n Pennon Group plc\n \n \n 3 June 2021\n \n \n \n \n \n Pennon Group plc\n \n \n \n \n \n Proposed Special Dividend and Share Consolidation and changes to Articles of Association\n \n \n \n \n \n Pennon Group plc (Pennon or the Group) announced earlier today, 3 June 2021 that Pennon has acquired 100% of the issued share capital of Bristol Water Holdings UK Limited (the Acquisition) and has proposed a Special Dividend and Share Consolidation (the Acquisition, Special Dividend and Share Consolidation Announcement).\n \n \n Pennon has today published a shareholder circular in connection with the Special Dividend, Share Consolidation, increase of the Company's existing authority to repurchase shares in order to execute a Share Buy-back, amendment of certain of the Company's existing AGM authorities in relation to allotment of shares and disapplication of pre-emption rights in order to reflect the Share Consolidation and making certain amendments to the current articles of association of the Company (the Circular)[1]. \n \n \n 2020/21 has been a transformative year for the Group. On 8 July 2020, we completed the sale of Viridor to KKR for net proceeds of £3.7 billion. The sale recognised the strategic value developed by Pennon over many years, realising significant value for shareholders, and creating the opportunity to refocus the Group exclusively on UK water.\n \n \n The Group is now firmly focused on leading, transforming and optimising water and waste water businesses, building on its consolidation experience in the sector, and through South West Water is the only water company to have been fast-tracked twice in successive price reviews. \n \n \n In addition to driving improved operational excellence, we will also be transforming ourselves as we scale up investment in the environment, kick-starting our race to net-zero carbon by 2030, focusing on sustainable living, championing renewables and reversing carbon emissions, and delivering sustainable solutions for customers, communities and the regions we operate in.\n \n \n Following the Disposal, and ensuring that the balance sheets of both the Group and South West Water are in a sustainable position for the future, the Group has taken steps to right-size our debt portfolio at...