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Pennon Group PLC (PNN)

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idpickering
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Re: Pennon Group PLC (PNN)

#342670

Postby idpickering » September 25th, 2020, 7:10 am

Trading Statement

Key Highlights

· Pennon is on track to deliver resilient financial results in line with management expectations

· The impact of COVID-19 to date is broadly in line with our initial assumptions for a net revenue impact in 2020/21 of £10 million. We will continue to monitor the ongoing financial impact of COVID-19 closely

· £4.2 billion sale of Viridor completed on 8 July with net cash proceeds of £3.7 billion received

· We continue to focus on our sector leading water and wastewater businesses, whilst pursuing opportunities for growth within the UK water industry, alongside reviewing the most effective and efficient method of returning value to shareholders.


https://www.investegate.co.uk/pennon-gr ... 00020736A/

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Re: Pennon Group PLC (PNN)

#359502

Postby idpickering » November 24th, 2020, 7:18 am

Pennon Half Year Results 2020/21.

Here; https://www.investegate.co.uk/pennon-gr ... 00032552G/

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Re: Pennon Group PLC (PNN)

#400239

Postby idpickering » March 30th, 2021, 7:06 am

Trading Statement

Key Highlights

Disciplined management of the £3.7 billion net cash proceeds from the Viridor sale

· Established a sustainable capital structure - c.£1 billion utilised to efficiently de-gear, leaving a sustainable position of c.£200 million gross debt at the Pennon company level

· Responsible pension contributions, with £36 million paid during 2020/21

· Continuing focused and disciplined review of potential value accretive growth opportunities; benchmarked against a return of capital to shareholders.

Investment, totex and financing plans all delivering

· Resilient delivery of critical services across the Group during the pandemic, COVID-19 financial impact in line with expectations

· South West Water is on track to deliver strong totex and financing outperformance - anticipating a doubling of base returns on regulated equity (RORE) of 3.9%

· Capital investment programme delivering improvements in the areas that matter most for customers whilst supporting the regional economy, with c.80% of Outcome Delivery Incentives (ODIs) on or ahead of target

· Pennon Water Services, our business to business water retailer, continues to win new contracts.


https://www.investegate.co.uk/pennon-gr ... 00078772T/

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Re: Pennon Group PLC (PNN)

#400251

Postby daveh » March 30th, 2021, 8:32 am

they also said:

Re-shaping the Group

The Group remains in a strong financial position with expected cash and committed facilities well in excess of 3 billion at 31 March 2021.

Pennon believes there is significant value potential from the reinvestment of the Viridor sale proceeds in the UK water sector and continues to narrow down its review of potential growth opportunities. In the event a major value accretive investment opportunity is not available, Pennon expects to make a substantial return of capital to shareholders.

The Group expects to provide clarity on this position by the time of its full year results on 3 June 2021.



so if they can't find a good reinvestment opportunity in UK water then we will get a substantial amount of the Viridor proceeds returned to shareholders - special dividend?

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Re: Pennon Group PLC (PNN)

#402258

Postby ReformedCharacter » April 7th, 2021, 11:48 am

Perhaps someone kind could enlighten me. I've just received my Pennon dividend which is c. half the amount I received this time last year. All I know is that Viridor has been sold. Thank you :)

RC

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Re: Pennon Group PLC (PNN)

#402263

Postby dealtn » April 7th, 2021, 12:02 pm

ReformedCharacter wrote:Perhaps someone kind could enlighten me. I've just received my Pennon dividend which is c. half the amount I received this time last year. All I know is that Viridor has been sold. Thank you :)

RC


The company's Dividend Policy relates to the "Continuing Group" which now doesn't include the Viridor business which as you say has been sold with the proceeds, as yet, not utilised. The dividend (presumably?) isn't that differebnt to previous years if the Viridor earnings weren't available.

Going forward those sale proceeds will be utilised to either purchase new earnings streams, repay debts or other liabilities (which enhance Continuing Group earnings), or are returned to shareholders by way of a special dividend or share buyback.

https://www.fundslibrary.co.uk/FundsLib ... Usx7nG&r=1

The half year report on the company website explains further.

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Re: Pennon Group PLC (PNN)

#402265

Postby daveh » April 7th, 2021, 12:06 pm

ReformedCharacter wrote:Perhaps someone kind could enlighten me. I've just received my Pennon dividend which is c. half the amount I received this time last year. All I know is that Viridor has been sold. Thank you :)

RC

They've sold Viridor which made a significant amount of Pennon's profits, so they cut the dividend to match the profits from the remaining water company. They are hanging on to the money from the sale of Viridor so they can overpay for something else in the UK water industry ( moi a cynic ;) ).
They've said that if they can't find a value enhancing purchase in the water sector they will return most of the Viridor cash to shareholders (not said how, whether buybacks, special divi or a mixture) and they will update us with the next results. Presumably if they make a successful acquisition dividends should go up.

I'm waiting to see what happens and will sell if I'm not happy with what they come up with.

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Re: Pennon Group PLC (PNN)

#416957

Postby idpickering » June 3rd, 2021, 7:08 am

Full Year Results 2020/21

Susan Davy, Group Chief Executive, commented:

This has been a pivotal year for the Group as we have repositioned Pennon to focus on driving sustainable growth in the UK water sector, building stability for the longer term, and recognising ongoing shareholder loyalty.

One of my main priorities as the new CEO has been to focus everyone on transforming Pennon to be the best place to work, supporting one another and our communities through the pandemic. The worst of times brings out the very best in people, and that's true of everyone who works for the Group. I'm so proud of the way they have responded to the challenge.

We have ensured Pennon is well positioned for the future, reinvesting for growth, and retaining sufficient funds to drive further value. The acquisition of Bristol Water announced today, is the next step in the growth of the Group, building on significant experience as a leader and consolidator in the industry.

Additionally, we have demonstrated our credentials as a responsible business, reducing debt levels, increasing pension contributions, and further supporting the Green Recovery for the much-needed regeneration of our region.

With one in 16 households now shareholders as part of our innovative Watershare+ scheme, giving customers a stake and a say, we've made a strong start to K7, focusing on what matters most, with c.80% of ODIs on or ahead of track. Operating in the public interest, we are also putting ESG at the forefront of our decision making, as we scale up investment in the environment, kickstart our race to net zero, and deliver sustainable solutions.

Our sector leading dividend policy, together with the planned special dividend, recognises the ongoing loyalty of our shareholders, underpinned by the Group's confidence in our ongoing growth strategy, and building a sustainable future for all.

Successful sale of Viridor

· £3.7 billion net cash proceeds from the sale of Viridor, completed on 8 July 2020; £1.7 billion profit on disposal

Positioning the Group sustainably

· Almost half of the net cash proceeds reinvested in the business and UK water to date

· Pennon company debt repayment of £1.1[1] billion - restructuring complete

· Responsible employer - over £50 million additional pension contributions - fund now in small surplus[2] position

· c.£0.1 billion capital investment supporting a Green Recovery in the South West - accelerating South West Water's de-gearing profile

· Value accretive c.£0.4 billion acquisition[3] of Bristol Water[4] - reflecting 16% RCV[5] growth

· Retention of c.£0.1 billion of cash at Group level to maintain flexibility for future growth opportunities

Recognising shareholder support

· c.£1.5 billion return of shareholder capital - special dividend of £3.55 per share, with consolidation

· Up to c.£0.4 billion share buy-back over 12 months - subject to further value accretive opportunities

· Maintaining sector-leading dividend policy of CPIH + 2%, underpinned by sustainable performance from the Continuing Group

· Dividend base in 2021/22 is expected to increase by 2.00p (c.9%) recognising the earnings accretive nature of the Bristol Water acquisition

And later on dividends;

Dividends

The Group continues to deliver on its commitments to customers, shareholders and stakeholders, as our investments drive tangible, positive and sustainable results. Around two thirds of Pennon's shareholders are UK pension funds, savings, charities and individuals with over half of South West Water's employees being shareholders.

Pennon's sector-leading dividend policy, of growth of CPIH + 2% per annum, reflects the Board's confidence in the Group's sustainable growth strategy and is underpinned by continued RORE outperformance, driven by totex and financing outperformance, in South West Water.

In line with this policy, the Board has recommended a final dividend for 2020/21 of 14.97p per share, subject to shareholder approval at the Annual General Meeting on 22 July 2021. Together with the interim dividend of 6.77p, this will result in a total dividend of 21.74p per share, an increase of 3.0% on the re-based 2019/20 dividend of 21.11p[15]. Pennon offers shareholders the opportunity to invest their dividend in a Dividend Reinvestment Plan (DRIP).

Subject to shareholder approval of the proposed share consolidation, the final dividend will be re-based to 22.46p per new ordinary share. For comparative purposes the total dividend for 2020/21 of 21.74p will equate to 32.61p post consolidation.

The Bristol Water acquisition[16] is expected to deliver further dividend growth for the Group. The Board expects that Bristol Water will deliver dividend growth on a pre-consolidation and post-consolidations basis of 2.0p and 3.0p per share respectively.



https://www.investegate.co.uk/pennon-gr ... 00076586A/

idpickering
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Re: Pennon Group PLC (PNN)

#416959

Postby idpickering » June 3rd, 2021, 7:20 am

Announced separately;

Bristol Water acquisition and shareholder return

Highlights

· Acquisition of the Bristol Water Group for £425 million cash consideration, adding a high-quality business with approximately 1.2 million customers

· Acquisition is expected to be earnings accretive and will result in an increase of c.16% in the Group regulatory capital value (RCV) as at 31 March 2021

· The acquisition price equates to a premium to RCV of 44%[2]

· Proposed c.£1.5 billion special dividend and share consolidation, and a proposed share buyback programme of up to £0.4 billion

· Following the Acquisition and the return of capital to shareholders, the Group is targeting net debt to RCV gearing of below 65% by the end of K7[3]

· The Board has decided to increase the Group's dividend level by c.9% (equivalent to an increase of 2 pence per share on a pre-consolidation basis) from 2021/22 onwards, and to continue its sector-leading dividend policy of CPIH + 2% growth.


https://www.investegate.co.uk/pennon-gr ... 00076585A/

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Re: Pennon Group PLC (PNN)

#416966

Postby 77ss » June 3rd, 2021, 8:18 am

idpickering wrote:Full Year Results 2020/21

......
Subject to shareholder approval of the proposed share consolidation, the final dividend will be re-based to 22.46p per new ordinary share. For comparative purposes the total dividend for 2020/21 of 21.74p will equate to 32.61p post consolidation.......

https://www.investegate.co.uk/pennon-gr ... 00076586A/


A chunky special. More than I was expecting, which reflects the pleasingly modest size of the Bristol Water acquisition. A relief that Pennon has not overreached - with all that cash sloshing around.

But the more I read the sentence on dividends, the more confused I get! Surely a 'new ordinary share' is a post-consolidation share?

So what is next year's dividend going to be?

I would be grateful for any enlightenment.

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Re: Pennon Group PLC (PNN)

#416968

Postby Arborbridge » June 3rd, 2021, 8:25 am

77ss wrote:
idpickering wrote:Full Year Results 2020/21

......
Subject to shareholder approval of the proposed share consolidation, the final dividend will be re-based to 22.46p per new ordinary share. For comparative purposes the total dividend for 2020/21 of 21.74p will equate to 32.61p post consolidation.......

https://www.investegate.co.uk/pennon-gr ... 00076586A/


A chunky special. More than I was expecting, which reflects the pleasingly modest size of the Bristol Water acquisition. A relief that Pennon has not overreached - with all that cash sloshing around.

But the more I read the sentence on dividends, the more confused I get! Surely a 'new ordinary share' is a post-consolidation share?

So what is next year's dividend going to be?

I would be grateful for any enlightenment.


And one hopes the special dividend mentioned is for PNN shareholders and not Bristol Water!

To achieve real enlightenment, I fear we will have to wait until events unfold.

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Re: Pennon Group PLC (PNN)

#416988

Postby daveh » June 3rd, 2021, 10:05 am

77ss wrote:
idpickering wrote:Full Year Results 2020/21

......
Subject to shareholder approval of the proposed share consolidation, the final dividend will be re-based to 22.46p per new ordinary share. For comparative purposes the total dividend for 2020/21 of 21.74p will equate to 32.61p post consolidation.......

https://www.investegate.co.uk/pennon-gr ... 00076586A/


A chunky special. More than I was expecting, which reflects the pleasingly modest size of the Bristol Water acquisition. A relief that Pennon has not overreached - with all that cash sloshing around.

But the more I read the sentence on dividends, the more confused I get! Surely a 'new ordinary share' is a post-consolidation share?

So what is next year's dividend going to be?

I would be grateful for any enlightenment.


I've commented on HYP practical.

I think (but am confused ) that as the final is being paid after the share consolidation and the ex date is after the consolidation, the final is 14.97p per old share (ie the shares we own now), but the actual sum paid will be 22.46p per new share (to account for the consolidation).

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Re: Pennon Group PLC (PNN)

#417120

Postby 77ss » June 3rd, 2021, 5:44 pm

daveh wrote:
77ss wrote:
idpickering wrote:Full Year Results 2020/21

......
Subject to shareholder approval of the proposed share consolidation, the final dividend will be re-based to 22.46p per new ordinary share. For comparative purposes the total dividend for 2020/21 of 21.74p will equate to 32.61p post consolidation.......

https://www.investegate.co.uk/pennon-gr ... 00076586A/


A chunky special. More than I was expecting, which reflects the pleasingly modest size of the Bristol Water acquisition. A relief that Pennon has not overreached - with all that cash sloshing around.

But the more I read the sentence on dividends, the more confused I get! Surely a 'new ordinary share' is a post-consolidation share?

So what is next year's dividend going to be?

I would be grateful for any enlightenment.


I've commented on HYP practical.

I think (but am confused ) that as the final is being paid after the share consolidation and the ex date is after the consolidation, the final is 14.97p per old share (ie the shares we own now), but the actual sum paid will be 22.46p per new share (to account for the consolidation).


I believe that you are correct. I think/hope that I have got my head round this now.

The total year's dividend of 21.74p per pre-consolidation share is 32.61p per consolidated share for 2020-2021.

For 2021-2022 we are promised an extra 3p as the starting point and CPIH+2% on top. Assuming that CPIH will be 1%, I make the total expected to be 36.68p. At the current share price (which should be largely unchanged by the special/consolidation) that is a yield of about 3.33%.

Not an academic excercise for me. I am slightly underweight in PNN and when the dust has settled I will just have 60% of my median. Add or quit is the question in my mind. At just 3.33% and a modest 5 year TR of about 59% is it worth bringing up to full weight? Tempting to sell the lot now - if I can find a better home.

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Re: Pennon Group PLC (PNN)

#417149

Postby Turf » June 3rd, 2021, 7:34 pm

not quite getting my head around this at the moment, is it worth buying pennon now to pick up the special ? or will this be diluted with consolidation ?
if not it looks like a buy
:

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Re: Pennon Group PLC (PNN)

#417153

Postby monabri » June 3rd, 2021, 7:54 pm

Turf wrote:not quite getting my head around this at the moment, is it worth buying pennon now to pick up the special ? or will this be diluted with consolidation ?
if not it looks like a buy
:


To cut a long story short ( based on the text above) ....No! ( you are not getting a special divi for "no cost" - you can buy X shares now but when/if it goes through, you will receive £3.55 per share but the number of shares you buy today ( well, tomorrow) will be reduced. It is 2 new shares for every 3 you hold prior to the specified date).

If you really want to buy into PNN then I'd wait until its all gone through.

TBH...the yield on offer isn't that attractive

Discussion on "mechanics" of the offer here, but I'd skip to the download that "Mike" has linked to in his post ( 2nd link below)

viewtopic.php?p=417062#p417062

viewtopic.php?p=416958#p416958

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Re: Pennon Group PLC (PNN)

#417225

Postby Turf » June 4th, 2021, 7:27 am

Thanks Monabri to good to be true !!!

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Re: Pennon Group PLC (PNN)

#445943

Postby idpickering » September 28th, 2021, 2:09 pm

Trading Statement

Key Highlights

· Resilient operational performance through record levels of demand for water

· RORE outperformance expected in all three areas of ODIs, totex and financing - continuing to anticipate a doubling of base returns

· Green recovery incremental investment to RCV of £82 million approved

· Ambitious Net Zero 2030 plan launched in July

· The acquisition of Bristol Water is progressing through the Competition and Markets Authority (CMA) review

· £1.5 billion special dividend paid, share consolidation complete and up to c.£400 million share buy-back underway

Resilient financial and operational performance

The COVID-19 pandemic has led to a substantial population increase in the regions we serve. Alongside this, as restrictions have eased businesses have ramped up demand, resulting in increased water usage and an increase in overall revenue.

Given the increased demand and the sustained population increase in the region, pressure on our operational network has remained high. Overall EBITDA remains in line with management expectations as increased costs have been offset by increased revenues.

Our capital investment programme is delivering in line with our profile of K7 investment, with a c.30% increase on the prior year, including our Green Recovery projects.

Our focus remains on delivering the best outcomes for customers and we are further building on our position of c.80% of our business plan commitments being on track or ahead of target. We have continued to make significant progress in delivering our Pollutions Incident Reduction Plan and are on track to deliver a step change in environmental performance.

In late August a third-party utility company, performing work unconnected with South West Water, damaged mains supply pipes at Carland Cross in Cornwall, causing a localised loss of supply. Any impact from this event in terms of ODI mechanism is being evaluated.


https://www.investegate.co.uk/pennon-gr ... 00031382N/

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Re: Pennon Group PLC (PNN)

#461984

Postby daveh » November 30th, 2021, 8:32 am

Half year results here:
https://www.investegate.co.uk/pennon-gr ... 11389593T/

RESILIENT PERFORMANCE

South West Water

Delivering for our customers and communities

· c.60% reduction in all complaints and year on year improvement in CMeX[1] Performance

· Community funds providing c.£180,000 support to community groups since inception

· Bills lower than they were 10 years ago and £3.8million of affordability[2] support delivered for those customers most in need

Innovation helping to address wastewater challenges

· c.40% reduction in internal and c.20% reduction in external flooding, are both ahead of target and reflecting a step-change in performance

· c.40% improvement in sewer collapses ahead of 2025 target, using automated sewer conditioning surveys and AI to proactively detect faults on our network

· Halving pollution incidents compared to last year, using technology to predict potential events. This pace of improvement needs to be sustained to meet our 2025 targets

Improving river and coastal water quality

· 100%[3] water quality standards achieved at our bathing beaches - our best ever performance

· Focused on reducing our impact on river quality by one third by 2025, pilot schemes underway on the Dart and Tavy for inland bathing water quality - proving the case for K8 step change investment

· c.5,000 hectares of land within our catchments improved during H1 2021/22, ahead of our target for K7

Innovation driving performance and efficiency in water

· c.30% reduction in mains repairs focusing on the resilience of our network

· Supply interruptions and unplanned outages ahead of target, maintaining our best ever performance

· Leakage reduction plan on track, using innovative technology to identify leaks resulting in increased repair

Consistent RORE delivery

· H1 2021/22 outperformance in all areas - cumulative K7 RORE^ 7.8%

· c.85% of our ODIs^ on track or ahead of target

· Sector leading effective interest rate - 2.9%^

· Driving efficient delivery through innovation and nature-based solutions

Bristol Water

· Financial performance ahead of expectations, contributing £7.2 million in profit and capital investment of £12.7 million

· Leakage ahead of target and CMeX 1 in upper quartile position for H1 2021/22

Well positioned for the future

Talented people delivering for customers and communities

· Investing in the next generation - new graduate programme underway, c.30% of our 500 2025 apprenticeships already underway and c.55% of Kickstarters retained in permanent roles

· Supporting diversity with the #10000BlackInterns initiative, increasing gender diversity to >30%


Evolving our environmental strategy

· Piloting innovative solutions to meet wastewater environmental challenges through Green Recovery - informing future investment plans

· First tranche of c.£80 million renewables investment programme underway to meet our Net Zero 2030 target

· Climate change resilience and adaptation a key focus for PR24

Driving sustainable growth

Delivering growth in Pennon Water Services

· Continued focus on securing sustainable business in the non-household market c.£9 million of contracts won in H1 2021/22

· Demand recovering near to pre-Covid-19 levels - cash collections remaining robust

· Working collaboratively to develop the market and customer experience

Investing sustainably, for the benefit of all

· >30% total RCV[4] growth to 2025 through organic investment and acquisitions

· Delivering our base plans and £82 million Green Recovery investments already underway

· Logical, accretive acquisition of Bristol Water, growing RCV by 16%.



and

Resilient financial performance

· Results in line with management expectations

· +21.8% underlying revenue^, with Bristol Water contributing £41.6 million

· +8.8% organic[8] underlying revenue^ primarily due to a recovery in non-household demand both in and out of region and contributing contract wins from Pennon Water Services

· +1.8% organic8 underlying EBITDA^ growth with higher costs to serve driven by high levels of demand and cost pressures from macro-economic factors

· +14.3% underlying EBITDA^ growth with contribution from Bristol Water from 3 June 2021

· +29.1% increase in profit before tax

·+4.3% increase in underlying profit before tax^ with contribution from underlying EBITDA^ growth offsetting increased interest charges on index-linked debt

· +14.2% increase in adjusted earnings per share^ (adjusted for share consolidation)6

· Loss per share of 6.3 pence (H1 2020/21 earnings of 420.9 pence) reflecting non-underlying costs, primarily related to deferred tax charge (£96.9 million) for the future change in tax rate

· Sector-leading dividend growth of 4.9% with dividend per share up (CPIH +2%) to 11.70 pence7


Dividend of 11.7p paid 5th April record date 28th January Ex date 27th January an increase of 4.9%

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Re: Pennon Group PLC (PNN)

#462223

Postby idpickering » December 1st, 2021, 7:05 am

Share Repurchase Programme

As detailed in Pennon's Trading Statement on 28 September 2021, and in line with the package of shareholder returns announced by Pennon in June 2021, and approved by shareholders at the 2021 Annual General Meeting, authority was granted for the proposed on-market share buy-back programme (the "Programme") in respect of its ordinary shares of 61.05 pence each, of up to c.£400 million.

The purpose of the Programme is to reduce share capital, and completion of the Programme is subject to Pennon's continued review of value creating opportunities in the UK water sector, where the maximum number of shares that can be repurchased in connection with the Programme is 42,183,689 (being the maximum authority granted by shareholders at Pennon's AGM on 22 July 2021).

The first and second phases of the Programme deployed c.£110 million in total over the period from 23 July to 26 November 2021. Following on from this, Pennon is announcing today that it is initiating the third phase of the Programme and has entered into a nondiscretionary agreement with Morgan Stanley & Co. International plc ("Morgan Stanley") to enable Morgan Stanley, acting as principal, to purchase ordinary shares of 61.05 pence each in the share capital of Pennon for an aggregate purchase price of no greater than £40 million and the simultaneous on-sale of such shares by Morgan Stanley to Pennon. This agreement commences on 1 December 2021 and share purchase activity pursuant to the agreement is expected to end no later than 14 January 2022. Morgan Stanley will make trading decisions in relation to Pennon shares purchased under the Programme independently of, and uninfluenced by, Pennon. All shares repurchased will be cancelled.

Further phases are expected to commence over the period to 30 September 2022.


https://www.investegate.co.uk/pennon-gr ... 00081147U/

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Re: Pennon Group PLC (PNN)

#476754

Postby idpickering » January 28th, 2022, 7:11 am

Share Repurchase Programme

The first three phases of Pennon's previously announced on-market share buy-back programme of up to c. £400 million (the "Programme") have deployed c.£150 million in total over the period from 23 July 2021 to 7 January 2022.

Pennon is announcing today that it is initiating the fourth phase of the Programme and has entered into a non-discretionary agreement with Morgan Stanley & Co. International plc ("Morgan Stanley") to enable Morgan Stanley, acting as principal, to purchase ordinary shares of 61.05 pence each in the share capital of Pennon for an aggregate purchase price of no greater than £50 million and the simultaneous on-sale of such shares by Morgan Stanley to Pennon. This agreement commences on 28 January 2022 and share purchase activity pursuant to the agreement is expected to end no later than 18 March 2022. Morgan Stanley will make trading decisions in relation to Pennon shares purchased under the Programme independently of, and uninfluenced by, Pennon. All shares repurchased will be cancelled.

Full deployment of the Programme is subject to Pennon's continued review of value creating opportunities in the UK water sector.

Any purchase of Pennon shares done in relation to this announcement will be carried out on the London Stock Exchange and Multilateral Trading Facilities, as defined by the Directive 2014/65/EU on markets in financial instruments (including the delegated and implementing acts adopted under it) as implemented, retained, amended, extended, re-enacted or otherwise given effect in the United Kingdom from 1 January 2021 and as amended or supplemented in the United Kingdom thereafter, and executed within the price and volume conditions set out in the Listing Rules, the provisions of Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018), the Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) dealing with buyback programmes and the Company's general authority to make market purchases of Pennon shares granted at its AGM on 22 July 2021.


https://www.investegate.co.uk/pennon-gr ... 00089127Z/


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