Centrica PLC
Centrica completes sale of the AA
Centrica plc today confirmed that it has completed the sale of the AA to a
company formed by CVC Capital Partners Ltd and Permira Advisers Ltd, as
announced on 1 July 2004.
This follows receipt of all regulatory clearances from the respective bodies in
the UK, the Channel Islands, Ireland and the European Commission.
A circular will shortly be posted to shareholders setting out full details of
Centrica's proposals, also announced on 1 July, for a special dividend and
accompanying share consolidation.
Payment of the special dividend is conditional on shareholder approval for the
share consolidation, which will be sought at an extraordinary general meeting.
Details of the meeting will be included in the circular.
The intention is to return a total of not less than £1.5 billion to shareholders
via a combination of the proposed special dividend and a rolling share
repurchase programme which is already under way.
The proposed special dividend amounts to approximately ten per cent of
Centrica's market capitalisation as at close of business on 30 September
(adjusted to take account of the interim dividend of 2.5p per share), and will
total £1.058 billion, or 25 pence per share. The proposed share consolidation
will similarly reduce the number of Centrica shares in issue by approximately
ten per cent, on a basis of nine new shares for every ten presently held.
The expected anticipated timetable for the extraordinary general meeting,
payment of the interim dividend of 2.5 pence per share, declared on 29 July
2004, and payment of the proposed special dividend is as follows:
Wednesday 20 Oct 2004: Ex dividend date for interim dividend
Thursday 21 Oct 2004: Extraordinary general meeting, 10am, at the Ibis London
Earls Court Hotel, London, SW6 1UD.
Friday 22 Oct 2004: Record date for interim dividend, proposed special dividend
and proposed share consolidation
Monday 25 Oct 2004: Ex dividend date for proposed special dividend and first day
of dealing in new ordinary shares
Wednesday 17 Nov 2004: Payment date for interim dividend and proposed special
dividend.
Contacts:
Centrica Investor Relations: 01753 494900
Centrica Media Relations: 01753 494085
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