GLASGOW, UK, May 5, 2004 (PRIMEZONE) -- Scottish Power plc confirms that it has received notice from the Secretary of State for Scotland of the redemption of its GBP1 special share, as announced by the Department of Trade and Industry earlier today. The special share was created at the time of privatisation, along with a limit, contained in the Company's Articles of Association, of 15% on the number of ordinary Scottish Power plc shares which could be held by any person. The effect of the special share was to prevent any change to the 15% limit without the consent of the Secretary of State.
The Company will bring proposals to shareholders at its Annual General Meeting, to be held on 23 July 2004, to amend its Articles of Association to reflect the redemption of the special share, including removal of the 15% maximum shareholding limit.
The removal of the special shares in UK energy companies reflects the UK Government's view that the current legal and regulatory framework now provides adequate protection of the policy objectives which the special shares were initially created to cover.
This information is provided by RNS The company news service from the London Stock Exchange