SSE PLC Result of Meeting (2168V)

TIDMSSE

RNS Number : 2168V

SSE PLC

19 July 2018

SSE PLC

RESULT OF GENERAL MEETING

With reference to the Circular published by SSE plc on 27 June 2018 in connection with the proposed demerger of SSE Energy Services and, subject to regulatory approval, subsequent combination of that business with Npower Group Limited under a new holding company ('the new company') to be listed on the Premium Segment of the Main Market of the London Stock Exchange, a General Meeting of the Company took place in Perth today. Both Resolutions, as set out in the Notice of General Meeting, were passed by shareholders on a poll. The table below shows the votes cast on each resolution.

SSE Chairman Richard Gillingwater said:

"I am very pleased that SSE's shareholders have passed the two Resolutions relating to the planned SSE Energy Services transaction, and by such an overwhelming margin. We believe that demerging SSE Energy Services and combining it with npower is the right thing for customers and for the energy market as a whole.

"It will help create a new market model by combining the resources and experience of two established players with the focus and agility of an independent supplier. We now look forward to satisfying the remaining conditions to allow the transaction to be completed."

 
      Resolution           For           % of     Against      % of     Total         % of       Withheld 
                                          votes                 votes    votes         Issued 
                                          cast                  cast     cast          Share 
                                                                                       Capital 
                                                                                       Voted 
      Approve 
       the special 
       dividend 
       to give 
       effect to 
 1.    the Demerger        668,597,044   99.94    422,262      0.06     669,019,306   65.90      3,456,960 
     -------------------  ------------  -------  -----------  -------  ------------  ---------  ---------- 
      Approve 
       the waiver 
       of the obligation 
       on innogy 
       to make 
       a general 
       offer for 
       the new 
 2.    company             619,543,477   92.62    49,395,491   7.38     668,938,968   65.89      3,537,231 
     -------------------  ------------  -------  -----------  -------  ------------  ---------  ---------- 
 

A copy of the resolutions put to shareholders at the General Meeting has been submitted to the Financial Conduct Authority and will shortly be available for inspection on the National Storage Mechanism (NSM) by accessing the following link: - www.hemscott.com/nsm.do

Notes:

1. A vote 'Withheld' is not a vote in law and is not counted in the calculation of the proportion of votes 'For' and 'Against' a resolution.

2. There were 1,023,008,915 ordinary shares of 50 pence each in issue as at 19 July 2018. This figure includes 7,811,381 ordinary shares which are held in treasury. Every shareholder has one vote for every ordinary share held. The voting rights on treasury shares are automatically suspended. The total number of voting rights in the Company was 1,015,197,534 as at 19 July 2018.

3. As a result of the approvals of the Resolutions and on the basis set out in the Circular, should the Transaction complete, innogy will hold 34.42% of the MergeCo shares in issue on Admission.

4. This announcement should be read in conjunction with the full text of the Circular published on 27 June 2018, which is available on the Company's website at www.sse.com. Defined terms used in the Circular shall have the same meanings when used in this announcement, unless the context otherwise requires.

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END

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July 19, 2018 11:35 ET (15:35 GMT)