AWG Plc today issued an update on trading for the year ended 31 March 2003 and stated the Board's intention to return capital to shareholders equivalent to £1.00 per share.
Trading update
The regulated water and wastewater business, Anglian Water Services (AWS), has continued to outperform against the targets set by the Regulator and has made good progress against service delivery targets. The infrastructure management businesses (IMB) have performed in line with management expectations.
Consolidated group net debt as at 31 March 2003 was as follows:
| AWS | £3.30 billion |
| Anglian Water International non-recourse debt | £0.10 billion |
|
| Less: IMB cash | £0.15 billion |
|
| Group net debt | £3.25 billion |
|
Return of Capital
Having reviewed the capital requirements of the business, the Board has decided to return £177 million to shareholders, equivalent to £1.00 per share, by means of an issue of redeemable shares. This capital return is to be funded from surplus cashflows from the Group's operations.
The Board will be writing to Shareholders to seek the relevant approvals, including their approval of the associated consolidation of share capital, with the intention of issuing redeemable shares to shareholders no later than June 2003.
Payments to shareholders
Shareholders will receive a final payment on account of the year ended 31 March 2003 based on the number of shares in issue before the proposed consolidation of share capital. This payment is expected to be made no later than September 2003.
- Ends -
Contacts:
Mike Keohane
Group Director of Human Resources and Communications - 01480 323097
