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Power shareholders back takeover | |
(about 6 hours later) | |
Shareholders have backed the takeover of Northern Ireland's electricity supplier, Viridian. | |
It is understood that over 90% of shareholders voted for a £1.6bn buy-out of the firm by ElectricInvest, which is based in Bahrain. | |
The company is offering to pay £13.36 per share. When Northern Ireland Electricity was floated in 1993, the share price was £2.20. | The company is offering to pay £13.36 per share. When Northern Ireland Electricity was floated in 1993, the share price was £2.20. |
The deal is being supported by the board of Viridian. | The deal is being supported by the board of Viridian. |
About 40,000 local people acquired stock during the 1993 flotation, as well as large institutional investors who hold the bulk of the shares. | About 40,000 local people acquired stock during the 1993 flotation, as well as large institutional investors who hold the bulk of the shares. |
Monday's extraordinary general meeting, being held in Belfast, is one of the key dates on the timetable to takeover. | |
Christmas cheque | Christmas cheque |
All the shareholders are entitled to attend, but as with the annual general meetings, no more than a couple of dozen are expected to turn up. | All the shareholders are entitled to attend, but as with the annual general meetings, no more than a couple of dozen are expected to turn up. |
The legalities of the takeover should be complete by 8 December, then cheques will be posted out within 14 days of that date. | The legalities of the takeover should be complete by 8 December, then cheques will be posted out within 14 days of that date. |
Shareholders should receive their payments at Christmas or shortly after. | Shareholders should receive their payments at Christmas or shortly after. |
Electric Invest has said it will continue to run the business with the current management in place and that customers will not be aware of any change in service. | Electric Invest has said it will continue to run the business with the current management in place and that customers will not be aware of any change in service. |
Viridian owns Northern Ireland Electric (NIE), Energia and Powerteam. | Viridian owns Northern Ireland Electric (NIE), Energia and Powerteam. |
ElectricInvest is part of Arcapita, which already has a stake in several UK utility projects. | ElectricInvest is part of Arcapita, which already has a stake in several UK utility projects. |
These include a partnership with Npower to operate 19 wind farms. It also runs the South Staffordshire water company. | These include a partnership with Npower to operate 19 wind farms. It also runs the South Staffordshire water company. |
NIE is the main supplier of power to homes in Northern Ireland, while Energia supplies businesses and also runs the Huntsdown power station near Dublin. | NIE is the main supplier of power to homes in Northern Ireland, while Energia supplies businesses and also runs the Huntsdown power station near Dublin. |
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