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On 1 February 2023, substantially all of Bristol Water plc's business was transferred to South West Water Limited via a statutory scheme. Bristol Water plc will continue as a legal entity within the Pennon Group, maintaining its London Stock Exchange listing for its 8.75% irredeemable cumulative preference shares and specified debenture stock, including various 4%, 4.25%, and 3.50% perpetual irredeemable stocks. The company also fully redeemed its £40,000,000 2.701% Index-Linked Secured Guaranteed Bonds due 2041, and eight directors—Gill Rider, Neil Cooper, Dorothy Burwell, Jon Butterworth, Iain Evans, Claire Ighodaro, Mel Karam, and Loraine Woodhouse—resigned, all effective 1 February 2023.
| Date | 1 Feb 2023 |
| Time | 07:00:07 |
| Category | Miscellaneous |
| ID | 4899O |
BRISTOL WATER PLC
1 February 2023
Transfer of the regulated water business of Bristol Water plc to South West Water Limited
We announced in August 2022 that the proposed integration of the businesses of Bristol Water plc and South West Water Limited was underway, and we are now pleased to announce completion of the transfer of substantially all of the Bristol Water business to South West Water Limited by means of a statutory transfer scheme under Schedule 2 of the Water Industry Act 1991.
Bristol Water plc will continue as a legal entity within the Pennon Group and will continue to maintain the London Stock Exchange listing for its 8.75% irredeemable cumulative preference shares and debenture stock (comprising (i) the 4% consolidated irredeemable debenture stock, (ii) the 4% perpetual irredeemable debenture stock; (iii) the 4.25% perpetual irredeemable stock and (iv) the 3.50% perpetual irredeemable stock), which will remain ongoing obligations of Bristol Water plc. Pennon Group plc and South West Water Limited have made commitments to Bristol Water plc to ensure that at all times Bristol Water plc will have sufficient funds and reserves to meet all of its future obligations in relation to the preference shares and debenture stock.
As previously announced Bristol Water plc has redeemed in full its £40,000,000 2.701% Index-Linked Secured Guaranteed Bonds due 2041 (ISIN: XS0609003701).
In addition, Gill Rider, Neil Cooper, Dorothy Burwell, Jon Butterworth, Iain Evans, Claire Ighodaro, Mel Karam and Loraine Woodhouse have resigned as directors of Bristol Water plc effective from 1 February 2023.
For further information, please contact:
|
Andrew Garard |
Company Secretary 01392 443898 |
This announcement is released by Bristol Water plc and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of UK MAR, encompassing information relating to the consent solicitation described above. For the purposes of UK MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, this announcement is made by Andrew Garard, Company Secretary at Bristol Water plc.
About Pennon Group
Pennon is a UK-focused water infrastructure group, comprising South West Water (incorporating Bournemouth Water and Bristol Water) and Pennon Water Services.
Prior to this announcement Bristol Water was a regulated water only company supplying drinking water to a population of approximately 1.2 million people in the Bristol region.
South West Water provides water and wastewater service to a population of c.1.8 million in Cornwall, Devon and parts of Dorset and Somerset, and water only services to c.0.5 million in parts of Dorset, Hampshire and Wiltshire, and as a result of the transfer will now also supplying drinking water to approximately 1.2 million people in the Bristol region.