Scrip Alternative

SSE PLC

29 August 2024

 

SSE PLC

FINAL DIVIDEND FOR THE YEAR ENDED 31 MARCH 2024

SCRIP ALTERNATIVE

SSE plc was notified on 28 August 2024 that a total of 24,277 shareholders have elected to receive the final dividend for the year ended 31 March 2024 of 40 pence per ordinary share in respect of 563,868,396 ordinary shares in the form of Scrip dividend.  This will result in a reduction in final dividend cash funding of £225,547,358.

A total of 12,203,570 new ordinary shares, fully paid, will be issued on 19 September 2024, representing an increase of 1.12% on the issued share capital (excluding treasury shares) on the dividend record date of 26 July 2024.  The relevant Scrip Reference Share Price was 1,848 pence per ordinary share.

The Group's dividend plan to 2026/27 includes the intention to cap the scrip dividend alternative at 25% of investor uptake, through a share buy-back where required. Following notification of the final dividend elections, the Group can confirm that overall scrip dividend take-up for the financial year ended 31 March 2024 was 35.7%. In accordance with the authority granted by shareholders at SSE's Annual General Meeting on 18 July 2024 and Chapter 12 of the Listing Rules, the Group therefore intends to initiate a share buy-back in the period following the final dividend payment for the year ended 31 March 2024.  The number of ordinary shares to be purchased will not exceed 3,806,487 ordinary shares, and the maximum pecuniary amount allocated to the Scrip buy-back is £75,000,000.  SSE plc intends to complete this process by 31 March 2025.

 

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