Share Name Share Symbol Market Type Share ISIN Share Description
Scottish Power LSE:SPW London Ordinary Share GB00B125RK88 ORD 42P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 802.00p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electricity - - - - 11,945.28

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Scottish Power (SPW) Discussions and Chat

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Date Time Title Posts
03/2/201007:53SCOTTISH POWER with CHARTS & NEWS1,330.00
18/1/200611:12Merger of Scottish Power & SSE !?74.00
28/6/200514:48Essential charts1.00
22/6/200507:42Sleeping Giant needs to wake up595.00
10/5/200513:01SCOTTISH POWER - In line as next bid target15.00

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Scottish Power (SPW) Top Chat Posts

DateSubject
04/4/2007
19:34
harvester: spw share price surely must reach plateau soon , as long as IBE remains relatively flat. We shall see. I, for one ,had not expected the spw share price too exceed 800 by the time the takeover takes place. Was slightly wrong-footed on this one .
30/3/2007
16:18
harvester: Surprise that nobody has mentioned it but it appears that the IBE takeover has been approved by both IBE and SPW shareholders. Spw share price which had overshot has come in-line again.
29/3/2007
15:41
harvester: if I recall right, spw shareholders vote tomorrow on iberdroal takeover. I expect approval and stabilisation of share price which seems to have run ahead a bit .
26/2/2007
18:24
206gti: Basically IBE share price has risen and this driving SPW price. Next estimate for share offer is 792.5 based on rise in IBE.
20/2/2007
13:25
billy whizz: The offer price of 777 plus special div of 12p = 789.... I assume that this will be level that shares will top out at or is there something else that we/I dont know i.e. the Iberdrola share price which has risen recently and must be factored into value of SPW. If these rise much more will sell in market, bank money and earn interest on it, wont have to wait till second quarter and then end up with shares I dont want, although I believe one will be able to offload Iberdrola shares free of commission etc when time comes.
14/4/2006
14:01
stevefoster: bbbbb, You can't really expect to receive the same absolute return from an investment that is 20% smaller. But if you reinvest the proceeds from the B shares in SPW shares, so as to maintain the value of your SPW investment, then you will be able to get the same absolute return (up 7% in fact). Existing FY dividend on 1000 SPW is £250. Yield 4.42%. Next FY income would be £212 from dividends and £60 from interest on the B share cash (in a good cash ISA). Yield 4.79%. Reinvested B shares into SPW, next FY dividend £267.50. Yield 4.73%. All calculated using current SPW share price of £5.65.
06/4/2006
00:26
mystick: Bikeaholic ref: 766 The thing to note is that SPW are handing back some £2 billion to 'us' the shareholders, pro rata with your shareholding. i.e in the past we bought ordinary shares in SPW now they are handing a chunk back in the form of B shares, which is as good as cash of £3.60 for each B share provided that you sell them in the most tax efficient manner, however I wouldn't personally go for option 1 in order to be tax efficient. Following the sale of Pacificorp SPW is now a smaller company with a reduced market cap value. Come May the company will have a Market Cap value of ((X*'A New Shares'* May Share Price)+ (Y*'B Shares*£3.60) - The B shares will not change in value, they will remain exerciseable at £3.60, therfore this percentage of your holding will not be exposed to the growth/reduction of the New SPW 'A' shares. You would have to reinvest your cash capital raised from the sale of your 'B' to buy new 'A' Shares to get the market exposure. As the current shareholders gradually cash in their 'B' Shares the Market capital of the company will reduce accordingly until all the £2 billion cash has been returned to the shareholders. In short, if you currently have a SPW investment worth £1000, come May you will have the same monetery value consisting of (£800 new A shares + £200 B shares) You will probably elect to sell you B shares to SPW if tax efficient in this finacial year to do so, and will then be left with a reduced value holding in SPW of £800. ie they returned to you your £200 cash for the sale of Pacificorp This is my understanding anyway for what it is worth. Mystick
04/4/2006
18:11
stevefoster: Bikeaholic, You don't currently own any B shares. So the value of a 600 SPW holding today would be £3510 (at £5.85 each). Post "cash return event", you'll have 476 "new" SPW + 200 SPW B plus some fractional share value, which should be the same value (£3505 before the fractional bit). I'm not sure what they're doing about those fractional bits left over that account for the discrepancy - aha, "cheques for fractional entitlements" it says. The B share price of £3.60 should remain constant since that's what SPW will offer to buy 'em back at every time (according to the circular, the first time SPW will offer to buy again should be the end of May 2007, and they expect the last to occur in May 2011). Darias, The market value of the company will be the same - taking into consideration the entire holding. The post-return holding of 476 "new" SPW will *not* be worth the same as the original 600 holding. The combination of the 476 "new" SPW *plus* the 200 B shares will have the same value as the original 600 holding (approximately). Of course, as the company pays off the B shares, it's market value will fall - it no longer has the cash, so is worth less overall, and the B shares will be cancelled in the process. dave197628, The base price for the B shares for CGT purposes will be the pro-rata value of your original SPW shares at purchase, by reference to the split proportions. Which (if I worked it out right) are the 0.206/0.794 figures referred to earlier (not quite right, the fractional entitlements come into the equation too). So you'll multiply whatever price you originally paid for your SPW shares by 0.206 to get the base value (for CGT) of the B shares, and by 0.794 for the base value (for CGT) of the "new" SPW shares. The exact numbers you need to use should be available once this all goes through. Your capital gain (or loss!) will then be the difference between that calculated base price and £3.60. Based on a purchase price of (say) £5, your base price for the B shares would then be £1.03 giving rise to a capital gain of £2.57 per share. Which if your entire B shareholding was worth £5000 would imply a capital gain of £3570.
04/4/2006
13:33
stevefoster: It's not a dividend (at least not unless you _want_ it to be). They're issuing B shares, and rearranging the standard shares (you'll end up with fewer than you started with) so that the share price stays roughly the same. You will receive B shares in the quantity of 1/3 your holding, and your holding will be consolidated down by 0.206 (ie multiply your holding by 0.794 [2/3 x 1.1905] to get new holding). eg: a holding of 600 SPW would become 200 SPW B and 476 "new" SPW shares. You can then either: a) convert some or all of your B shares into a dividend of £3.60 + a worthless deferred share. b) sell some or all of your B shares for £3.60 back to SPW c) sell some of all of your B shares for £3.60 back to SPW later, on pre-arranged dates (covered in the circular - annually at the end of May, 2007-2011). This lets you allocate the cash between dividend income and capital gain however you wish, and lets you spread any capital gain over multiple years to mitigate capital gains tax. If you do nothing, SPW will assume you want to convert all your B shares into dividend.
04/4/2006
12:31
darias: SPW Circular Posted RNS Number:8262A Scottish Power PLC 31 March 2006 Return of cash to shareholders - circular posted to shareholders Scottish Power plc ("ScottishPower") announces that it has commenced posting a circular to shareholders and has convened an extraordinary general meeting for 4 May 2006 to obtain shareholder approval for the proposed return of #2.25 billion of cash to shareholders following the completion of the sale of PacifiCorp, its US regulated business, to MidAmerican Energy Holdings Company. The Board of ScottishPower unanimously recommends the return of cash as being in the best interests of shareholders as a whole. Highlights of the return of cash * Shareholders to receive approximately #1.20 per existing ordinary share* * To be implemented by way of a B Share scheme to provide UK tax resident shareholders with flexibility to elect to receive cash in the form of a capital payment or in the form of dividend income, or a combination of the two * A share consolidation to reflect the return of cash will aim to maintain comparability of share price, earnings per share and dividends per share * Each shareholder's holding will represent the same proportion of ScottishPower's issued ordinary share capital as it did prior to the return of cash (subject to fractional entitlements) * Cheques are expected to be despatched to shareholders and CREST accounts credited on Monday 5 June Details of the return of cash Subject to shareholder approval by way of special resolution, one in every three ordinary shares held by each shareholder will be reclassified into a B Share, and shareholders will be able to elect between the following alternatives in respect of those B Shares: * Single B Share dividend: to receive a single dividend of #3.60 per B Share for some or all of their B Shares (the "Single B Share Dividend"). Following this, the B Shares for which a shareholder has chosen to receive the single dividend payment will automatically be converted into deferred shares, which will have negligible value. In the case of UK resident individual shareholders, the dividend should be treated as income for UK tax purposes. * Initial repurchase offer: to sell some or all of their B Shares to UBS and/or Morgan Stanley, as agent for ScottishPower, for #3.60 per B Share, free of all dealing expenses and commissions (the "Initial Repurchase Offer"). In the case of UK resident individual shareholders, the proceeds of such a repurchase should generally be treated as capital for UK tax purposes. * Future repurchase offers: to retain some or all of their B Shares and have the opportunity to sell them on certain future dates to UBS and/or Morgan Stanley, as agent for ScottishPower, for #3.60 per B Share, free of all dealing expenses and commissions. In the case of UK resident individual shareholders, the proceeds of a repurchase of B Shares in the future should generally be treated as capital for UK tax purposes as based on current UK law and practice. * The actual value returned per share may vary as a result of the treatment of fractions The circular and election form in respect of these alternatives are being sent to shareholders. Shareholders who do not elect for any of the alternatives will receive the Single B Share Dividend on all of their B Shares held on the B Share record date. In conjunction with the return of cash, a capital reorganisation will be undertaken. Existing ordinary shares will be subdivided and consolidated so that shareholders will receive 1.1905 new ordinary shares for every existing ordinary share remaining after the creation of the B Shares. The intention is that, subject to market movements, the share price of one new ordinary share immediately after listing of the new ordinary shares should be approximately equal to the share price of one existing ordinary share immediately beforehand. The ratio used for the capital reorganisation has been set by reference to the closing price of 586.5 pence per existing ordinary share on 30 March 2006 (being the latest practicable date prior to the posting of documents to shareholders from 31 March 2006). New ordinary shares will be traded on the London Stock Exchange in the same way as existing ordinary shares and will be equivalent to the existing ordinary shares in all material respects, including their dividend, voting and other rights. The effect of the consolidation will be to reduce the number of issued ordinary shares to reflect the return of #3.60 per B Share to shareholders, but shareholders will own the same proportion of ScottishPower's issued share capital as they did previously, subject to fractional entitlements. A number of changes to the articles of association of the Company are required in order to implement the return of cash. Full details of the return of cash and associated capital reorganisation are contained in the circular. A separate memorandum providing details of the return of cash will be sent to holders of ScottishPower American Depositary Shares ("ADSs") giving details of the impact of the return of cash on their ADS holdings in ScottishPower. In connection with the return of cash to holders of ADSs the Company will undertake a tender offer for the B Shares pursuant to the United States Securities Exchange Act of 1934 (as amended). Share schemes Letters are being sent to participants in the ScottishPower share schemes to explain the impact of the return of cash on their participation in the schemes. Convertible Bonds In relation to the US$700,000,000 4% step-up perpetual subordinated convertible bonds (the "Convertible Bonds") issued by ScottishPower Finance (Jersey) Limited and guaranteed by ScottishPower, the exchange price (which is currently #4.60) at which the Convertible Bonds may be converted into ordinary shares may be adjusted as a result of the return of cash. However, based on the market value of the ordinary shares as at 30 March 2006 and the details of the capital reorganisation, the Company does not currently expect that the amount of any adjustment to the exchange price will be significant. The exact amount of any adjustment to the Exchange Price will be determined with reference to the share price on 12 May 2006, being the record date for the return of cash. Pensions In connection with the return of cash to shareholders, ScottishPower has reached agreement with the trustees of the ScottishPower Pension Scheme, the ScottishPower Group Final Salary Lifeplan and the Manweb Group Section of the Electricity Supply Pension Scheme to make special contributions to each scheme in order to fund the FRS17 deficit (as at 31 December 2005) in respect of each scheme over a period of up to five years. ScottishPower has made an aggregate lump sum contribution of #28 million during March 2006 into the relevant schemes. On completion of the return of cash to shareholders, an aggregate lump sum contribution of #100 million will be made to the relevant schemes and four further aggregate annual payments of #13.2 million will be made to the relevant schemes commencing on 31 March 2007, subject to an FRS17 deficit continuing in those schemes at each due payment date. ScottishPower has received a clearance statement from the Pensions Regulator that it would not be reasonable to impose liability for a contribution notice on the applicants to the clearance application in respect of the proposed return of cash. Expected timetable of principal events An extraordinary general meeting ("EGM") has been convened for 10.30 am on Thursday 4 May 2006 at the Holiday Inn Glasgow City-West, Bothwell Street, Glasgow G2 7EN, to seek shareholder approval for the return of cash to shareholders. 2006 ________________________________________________________________________________ Latest time and date for receipt of Form of Proxy for EGM 10.30 am on Tuesday 2 May ________________________________________________________________________________ EGM 10.30 am on Thursday 4 May ________________________________________________________________________________ Latest time and date for dealings in existing ordinary shares 4.30 pm on Friday 12 May ________________________________________________________________________________ Record date for the capital reorganisation. Existing ordinary 6 pm on Friday share register closed and existing ordinary shares disabled in 12 May CREST ________________________________________________________________________________ New ordinary shares and B Shares admitted to the Official List 8 am on Monday and admitted to trading on the London Stock Exchange's main 15 May market for listed securities ________________________________________________________________________________ Commencement of dealings in the new ordinary shares and B Shares 8 am on Monday and enablement in CREST. New ordinary shares and B Shares 15 May entered into CREST ________________________________________________________________________________ Latest time for receipt of election forms and TTE instructions 4.30 pm on from CREST holders in relation to the B Share alternatives Friday 19 May ________________________________________________________________________________ B Share record date 6 pm on Friday 19 May ________________________________________________________________________________ Single B Share Dividend declared and B Shares in respect of Monday 22 May which the Single B Share Dividend is payable convert into deferred shares ________________________________________________________________________________ ScottishPower acquires B Shares under the Initial Repurchase Monday 22 May Offer made by means of an announcement on the Regulatory News Service of the London Stock Exchange ________________________________________________________________________________ Despatch of new ordinary share certificates, retained B Share Monday 5 June certificates, sale advices, cheques in respect of the Single B Share Dividend and/or B Shares purchased under the Initial Repurchase Offer as appropriate and cheques for fractional entitlements, and CREST accounts credited with the proceeds In the United States, ScottishPower will file a Tender Offer Statement containing the circular, the US supplemental memorandum, the election forms for shareholders and ADS holders and other related documentation with the Securities and Exchange Commission (the "SEC") on Schedule TO. Free copies of the Schedule TO and the other related documents to be filed by ScottishPower in connection with the B Share alternatives will be available from the date the circular and other related documentation are mailed to ADS holders and shareholders in the US on the SEC's website at http://www.sec.gov and ScottishPower's website at www.scottishpower.com. For further information:
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