Business
Publication of shareholder circular
Publication of shareholder circular.
About this update from Sse Plc
[{"type":"text","content":"\n \nRNS Number : 6331S SSE PLC 27 June 2018 \n\nSSE plc\nPUBLICATION OF SHAREHOLDER CIRCULAR\n \nSSE plc has today published a Circular and a Notice of General Meeting for shareholders in respect of the proposed demerger of SSE Energy Services and, subject to regulatory approval, subsequent combination of that business with Npower Group Limited under a new holding company ('the new company') to be listed on the Premium Segment of the Main Market of the London Stock Exchange. These documents are available on sse.com.\n \nThe new company will be an independent energy supply and services business that will create a new market model by combining the resources and experience of two established players with the focus and agility of an independent supplier.\n \nAt the General Meeting, which will take place at 2pm in Perth on 19 July 2018, following SSE's Annual General Meeting, two ordinary Resolutions will be proposed, seeking shareholders' approval of:\n \n· the declaration of a special dividend (in kind in the form of shares in the new company*) to give effect to the demerger; and\n· the waiver of the obligation on innogy, which owns Npower Group Limited, to make a general offer for all of the issued shares in the new company on completion (under Rule 9.1 of the City Code on Takeovers and Mergers*).\n \n*SSE shareholders will retain their existing SSE shares and will also hold one share in the new company for every existing SSE plc share they hold at the demerger record time. The new company will be owned up to 65.58% by SSE shareholders. innogy will hold 34.42% of the shares in the new company on completion.\n \nThe demerger will not become effective unless both Resolutions are passed by SSE shareholders, representing a simple majority of the total voting rights of SSE shareholders who attend the General Meeting and vote.\n \nIn accordance with Listing Rule 9.6.1(R), a copy of the Circular has been submitted to the FCA and will shortly be available for inspection via the National Storage Mechanism, which can be accessed at: http://www.morningstar.co.uk/uk/NSM\n \nThe Circular contains, amongst other things, a letter from the Chairman of SSE to shareholders, a summary of the principal terms and conditions of the transacti...