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National Grid Transco

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Creator Gateside Created 20 Nov 2004 Posts 58 Last Post 19 years ago
Free Annual Reports Add Favourite|E-mail Alert|Related Threads



Key Dates

24th August 2005 2004/05 final dividend paid to qualifying shareholders
End September 2005 Close period trading update for the 6 months ending 30th September 2005
17th November 2005 2005/06 interim results
30th November 2005 Ordinary shares go ex-dividend
2nd December 2005 Record date for 2005/06 interim dividend
25th January 2006 2005/06 interim dividend paid to qualifying shareholders




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OUTLOOK, RETURN OF VALUE AND DIVIDEND POLICY

Continued strong operational performance across our businesses in both the UK and the US underpins our confidence in the prospects for the Group. We are confident of achieving our targeted reductions in controllable costs across our businesses and of availing ourselves of the increasing opportunities for investment for growth.

With the sales of the four UK gas distribution networks scheduled for completion in the second calendar quarter of 2005, we expect to deliver the return of £2bn to shareholders during the summer of 2005. We expect this return of value to be by way of a B-share scheme, followed by a share consolidation. This will provide shareholders with the choice of receiving the return as a dividend or through the repurchase of B-shares.

As previously announced, we intend to raise the total dividend for the year by 20% to 23.7p, subject to completion of the network sales process, and expect that this increase over our previously stated policy will be paid as part of the final dividend. An interim dividend of 8.5p per ordinary share ($0.7865 per American Depositary Share (ADS)) will be paid on 24 January 2005 to shareholders on the register on 3 December 2004, representing a 7% increase on the interim dividend paid in the last financial year. Looking ahead, we continue to aim to increase dividends per ordinary share expressed in sterling by 7% in each financial year up to 31 March 2008.




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