Proposed Introduction of SCRI

RNS Number : 4124N

Scottish & Southern Energy PLC

10 June 2010

 



SCOTTISH AND SOUTHERN ENERGY PLC

PROPOSED INTRODUCTION OF SCRIP DIVIDEND SCHEME

The Board of Scottish and Southern Energy plc ('the Company') confirms that a resolution will be put to shareholders at the 2010 Annual General Meeting ('AGM') to propose the introduction of a Scrip Dividend Scheme.   This proposed Scrip Dividend Scheme is intended to replace the current dividend reinvestment plan ('DRIP').  It will give shareholders the option to receive new fully paid ordinary shares in the Company in place of their cash dividend payments.

A further resolution will be proposed to make amendments to the Company's articles of association for the purposes of allowing shareholders who hold their shares in certificated form and who already participate in DRIP, as at the closing date for elections to participate in the Scrip dividend, to be treated as having elected to participate in the Scrip Dividend Scheme, without having to sign a Scrip dividend mandate. These shareholders will be given the opportunity to opt out of this default arrangement and not participate in the Scrip Dividend Scheme. 

CREST participants cannot be automatically transferred into the Scrip Dividend Scheme and any CREST participants should contact their CREST sponsor who will be able to take the appropriate action on their behalf.

The Scrip reference price will be calculated by taking the average mid-market price of the Company's shares over the five business days commencing on the ex-dividend date.  The proposed Scrip dividend timetable for the final dividend for the year ended 31 March 2010 is as set out below.

Proposed Scrip dividend timetable for the final dividend for the year ended 31 March 2010

Ex-dividend date                                                   28 July 2010

Record date                                                           30 July 2010

Scrip reference price calculation period             28 July - 3 August 2010

Last date for receipt of Scrip elections               27 August 2010

Dividend payment/Scrip issue date                    24 September 2010

Full details of the proposed Scrip Dividend Scheme are set out in the Notice of AGM 2010 being issued to shareholders today and are also available from our website www.sse.com.  

Subject to shareholder approval of the proposed Scrip Dividend Scheme at the 2010 AGM,

the scrip reference price in relation to the final dividend for the year ended 31 March 2010 will be announced on the London Stock Exchange no later than close of business on 4 August 2010.  This scrip reference price will also be posted on our website www.sse.com from that date.

Shareholders wishing to participate in the Scrip Dividend Scheme in respect of the final dividend for the year ended 31 March 2010 should return their mandates to Capita Registrars, Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU to arrive no later than 27 August 2010.  Shareholder queries may be referred to Capita Registrars on the telephone numbers stated on the Company's website, www.sse.com.

 

END

 

 

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