Publication of Circular and Notice of General Meeting in relation to proposed acquisition of flexible, low-carbon and renewable UK power generation from Iberdrola - Drax

Publication of Circular and Notice of General Meeting in relation to proposed acquisition of flexible, low-carbon and renewable UK power generation from Iberdrola

On 16 October 2018, Drax Group plc (“Drax” or the “Company”) announced that it had entered into a binding conditional agreement to purchase Scottish Power’s portfolio of pumped storage, hydro and gas-fired generation for £702 million in cash from Iberdrola (the “Acquisition”).

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Publication of Circular and Notice of General Meeting in relation to proposed acquisition of flexible, low-carbon and renewable UK power generation from Iberdrola
5th December 2018

Publication of Circular and Notice of General Meeting in relation to proposed acquisition of flexible, low-carbon and renewable UK power generation from Iberdrola

On 16 October 2018, Drax Group plc (“Drax” or the “Company”) announced that it had entered into a binding conditional agreement to purchase Scottish Power's portfolio of pumped storage, hydro and gas-fired generation for £702 million in cash from Iberdrola (the “Acquisition”).
RNS Number : 5576J
Drax Group PLC

Drax is pleased to announce that a Circular in relation to the Acquisition (the “Circular”) has been published.

The Acquisition is subject to the approval of the shareholders of the Company and, accordingly, the Circular contains a notice convening a general meeting of the Company to be held at the offices of FTI Consulting, 200 Aldersgate Street, London EC1A 4HD on 21 December 2018 at 10:00 am.

The Circular, which has been produced in accordance with the Listing Rules of the Financial Conduct Authority, will shortly be available on the Company’s website at www.drax.com. In accordance with Listing Rule 9.6.1 a copy of the Circular has been submitted to the National Storage Mechanism and will be available shortly at www.morningstar.co.uk/uk/NSM. Printed copies of the Circular will be posted to shareholders who have elected to receive them.

Expected timetable of principal events(1)

Latest time and date for receipt of Forms of Direction10:00 am on 17 December 2018
Latest time and date for receipt of Forms of Proxy or Crest Proxy Instructions10:00 am on 19 December 2018
General Meeting10:00 am on 21 December 2018
Expected date of Completion 31 December 2018

Enquiries:

Drax Investor Relations:

Mark Strafford
+44 (0) 1757 612 491
+44 (0) 7730 763 949

Media:

Drax External Communications:
Matt Willey
+44 (0) 7711 376 087 

J.P. Morgan Cazenove (Financial Adviser and Joint Corporate Broker):

+44 (0) 207 742 6000
Robert Constant
Jeanette Smits van Oyen
Carsten Woehrn

Royal Bank of Canada (Joint Corporate Broker):

+44 (0) 20 7653 4000
James Agnew
Jonathan Hardy

Notes

  1. Future dates are indicative only and are subject to change by Drax, in which event details of the new times and dates will be notified to the Financial Conduct Authority and, where appropriate, shareholders.
  2. References to time in this announcement are to London time.
  3. J.P. Morgan Limited (which conducts its UK investment banking business as J.P. Morgan Cazenove) (“J.P. Morgan Cazenove”) and RBC Europe Limited (“RBC”), which are both authorised by the Prudential Regulation Authority (the “PRA”) and regulated in the United Kingdom by the FCA and the PRA, are each acting exclusively for the Company and for no one else in connection with the Acquisition, the content of this announcement and other matters described in this announcement and will not regard any other person as their respective clients in relation to the Acquisition, the content of this announcement and other matters described in this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for providing advice to any other person in relation to the Acquisition, the content of this announcement or any other matters referred to in this announcement.

END