Scottish & Southern Energy PLC
17 April 2007
SCOTTISH AND SOUTHERN ENERGY PLC
FIFTH PAYMENT FROM THE ADMINISTRATORS
OF TXU EUROPE GROUP PLC
Scottish and Southern Energy plc ('SSE') has received a fifth distribution
payment of £8.4m from the administrators of TXU Europe Group plc in respect of
its agreed claim of £294.2m relating to a 14-year contract originally entered
into in 1997.
This takes SSE's total direct receipt from the administration process to £284.2m
(excluding its share of the separate distributions paid to Barking Power). SSE
expects to receive further smaller distributions over the next year.
Following this fifth distribution, SSE has now received 96.6% of its agreed
claim.
Gregor Alexander, Finance Director of SSE, said:
'This receipt follows a distribution of £24.5m in July 2006, when we indicated
that we expected to receive over 95% of our agreed claim. We have now exceeded
this, with 96.6% of our agreed claim being settled - and we hope to make some
further, smaller recoveries over the next few years which could take our total
recovery to around 98%.
'Overall, this is a far better result than we originally expected and reflects a
very effective administration process.'
Enquiries to:
Scottish and Southern Energy plc
Justyn Smith - Head of Media Relations + 44 (0)870 900 0410
Sharron Miller-Mckenzie - Press Office Manager + 44 (0)870 900 0410
This information is provided by RNS
The company news service from the London Stock Exchange
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