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Power shareholders set to decide Power shareholders back takeover
(about 6 hours later)
Shareholders are expected to back the takeover of Northern Ireland's electricity supplier, Viridian. Shareholders have backed the takeover of Northern Ireland's electricity supplier, Viridian.
They are expected to vote in favour of a £1.6bn buy-out of the firm by ElectricInvest, which is based in Bahrain. 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 extrordinary general meeting, being held in Belfast, is one of the key dates on the timetable to takeover. Monday's extraordinary general meeting, being held in Belfast, is one of the key dates on the timetable to takeover.
Christmas chequeChristmas 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.