Business
United Utilities Publishes Prospectus
United Utilities Publishes Prospectus.
About this update from United Utilities Group Plc
[{"type":"text","content":"\n \nUnited Utilities PLC\n6 June 2008\n\n UNITED UTILITIES PUBLISHES PROSPECTUS WITH DETAILS OF £1.5 BILLION RETURN TO \n SHAREHOLDERS \n\nAs a result of the sale of United Utilities Electricity and review of its\ncapital structure, United Utilities previously announced its intention to\nreturn to Shareholders 170 pence per share (approximately £1.5 billion in\naggregate). The return is being implemented through a scheme of arrangement\ninvolving the introduction of a new holding company, United Utilities Group PLC\nand the subsequent United Utilities Group Reduction of Capital (the\n\"Proposals\").\n\nUnited Utilities PLC is today posting a scheme circular to Shareholders\nregarding the Proposals. A Prospectus relating to United Utilities Group PLC is\nalso being published today, in connection with the admission to the Official\nList and admission to trading on the London Stock Exchange of ordinary shares\nof United Utilities Group PLC.\n\nAs part of the Proposals each Shareholder will receive 17 United Utilities\nGroup Ordinary Shares for every 22 United Utilities Shares, together with one B\nshare of 170 pence for each United Utilities Share.\n\nThe Proposals are subject to Court approval and the approval of Shareholders.\nThe Court Meeting is to seek the approval of Shareholders for the Scheme. The\nGeneral Meeting will be held immediately after the Court Meeting and will\nenable Shareholders to vote on various matters required to implement the\nScheme. Both meetings will be held on 1 July 2008. The expected timetable of\nprincipal events is: -\n\n1 July 2008 Court Meeting and General Meeting \n \n24 July 2008 Court hearing of the claim form to sanction the Scheme \n and confirm the capital reduction of United Utilities \n \n11:00 a.m. 25 July United Utilities Annual General Meeting \n2008 \n \n25 July 2008 Scheme Record Date \n \n28 July 2008 Scheme Effective Date \n \n8:00 a.m. 28 July Delisting of United Utilities Shares, Admission of United\n2008 Utilities Group Ordinary Shares and dealings in United \n Utilities Group Ordinary Shares commence on the London \n Stock Exchange's main market for listed securities \n \n30 July 2008 Court hearing to confirm United Utilities Group Reduction\n of Capital \n \n31 July 2008 United Utilities Group Reduction of Capital becomes \n effective \n \n8 August 2008 Payment of United Ut...