Announcement re Waste Management business

RNS Number : 6443H

Pennon Group PLC

16 November 2018

 

16 November 2018

PENNON GROUP PLC

Pennon Group consolidates further its Waste Management business

John Laing Investments Limited, a joint venture partner with Viridor Waste Management Limited (Viridor) in the Runcorn I Energy Recovery Facility, has decided to sell its holding. Pennon Group Plc announces that today, its subsidiary Viridor has exercised its pre-emption rights and has agreed a £54.52m cash consideration for the 37.5% economic interest and 20% voting rights.    

The acquisition will consolidate further Viridor's leading market position in UK Energy Recovery and will result in an increase to Pennon's economic interest in INEOS Runcorn (TPS) Holdings Limited from 37.5% to 75%, with the associated voting rights moving from 20% to 40%.  

For further information, please contact:

Pennon:            Susan Davy - Chief Financial Officer

Jennifer Cooke - Investor Relations Officer

01392 443 168

Finsbury:          James Murgatroyd

Faeth Birch

0207 251 3801

Cautionary statement in respect of forward-looking statements

Certain statements in this announcement are forward-looking statements relating to the Group's operations, performance and financial position based on current expectations of, and assumptions and forecasts made by, management. They are subject to a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of the Group to differ materially from any outcomes or results expressed or implied by such forward-looking statements. The Group's principal risks were described in the 2018 Pennon Group Annual Report which can be viewed online at http://annualreport.pennon-group.co.uk/. Such forward looking statements should therefore be construed in light of such risks, uncertainties and other factors and undue reliance should not be placed on them. They are made only as of the date of this announcement and no representation, assurance, guarantee or warranty is given in relation to them including as to their accuracy, completeness, or the basis on which they are made. No obligation is accepted to publicly revise or update these forward-looking statements or adjust them as a result of new information or for future events or developments, except to the extent legally required. Nothing in this Statement should be construed as a profit forecast.

 

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