Scrip Alternative

RNS Number : 6400X

SSE PLC

30 August 2022

 

SSE PLC

FINAL DIVIDEND FOR THE YEAR ENDED 31 MARCH 2022

SCRIP ALTERNATIVE

SSE plc was notified on 29 August 2022 that a total of 26,101 shareholders have elected to receive the final dividend for the year ended 31 March 2022 of 60.2 pence per ordinary share in respect of 535,745,800 ordinary shares in the form of Scrip dividend.  This will result in a reduction in final dividend cash funding of £322,518,972.

A total of 18,241,941 new ordinary shares, fully paid, will be issued on 22 September 2022, representing an increase of 1.71% on the issued share capital (excluding treasury shares) on the dividend record date of 29 July 2022.  The relevant Scrip Reference Share Price was 1,768 pence per ordinary share.

In November 2021, as part of its fully funded Net Zero Acceleration Programme, SSE announced that the existing scrip dividend option for investors would be capped at 25% of investor uptake, through a share buy-back. Following notification of the final dividend elections SSE can confirm that overall scrip dividend take-up for the financial year ended 31 March 2022 was 38.33%. SSE therefore intends to initiate a share buy-back, in the period following the final dividend payment for the year ended 31 March 2022, in accordance with the authority granted by shareholders at SSE's Annual General Meeting on 21 July 2022 and Chapter 12 of the Listing Rules.  The number of ordinary shares to be purchased will not exceed 6,904,083 ordinary shares, and the maximum pecuniary amount allocated to the Scrip buy-back is £125,000,000.  SSE intends to complete this process by 31 March 2023.

 

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