Scottish & Southern Energy PLC
19 January 2006
Scottish and Southern Energy plc
19 January 2006
SSE RECEIVES THIRD DISTRIBUTION PAYMENT FROM TXU ADMINISTRATOR
Scottish and Southern Energy plc ('SSE') has today received a third net
distribution payment of £50.5m from the administrators of TXU Europe Group plc
in respect of its agreed claim.
SSE announced on 3 December 2004 that its subsidiary, SSE Energy Supply Ltd, had
agreed a claim of £294.2m with the administrators, and certain of its
subsidiaries, in respect of a 14-year contract originally entered into in 1997.
Following approval of the company voluntary agreement on 28 January 2005 the
first net distribution of £159.1m was received on 31 March 2005 from the
administrator and a second net distribution of £41.6m was received on 2 August
2005.
In its Interim results statement in November 2005, SSE said it expected over 85%
of its agreed claim would be settled. This third distribution means that SSE has
now received 85% of its agreed claim.
Following this payment, SSE expects to receive further distributions later in
2006 and now expects that well over 90% of its claim will be settled.
Gregor Alexander, Finance Director of SSE, said:
'The receipt of this latest distribution is a significant milestone in the long
process of recovering our claim from the TXU Europe administration. The process
has been complex and time-consuming, but has led to a good outcome for SSE.'
Enquiries to:
Scottish and Southern Energy
Alan Young, Director of Corporate Communications 0870 900 0410
Denis Kerby, Investor and Media Relations Manager 0870 900 0410
This information is provided by RNS
The company news service from the London Stock Exchange
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