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Share Split Pennon Group

At the (Pennon Group) Annual General Meeting on 27 July 2006, shareholder approval was obtained to subdivide the Company’s ordinary shares by way of a three for one share split (the “Share Split”).

Questions and answers

  1. What does this involve?
  2. Why has Pennon done this?
  3. How has this been done?
  4. What does the Share Split mean to me?
  5. What happens to my current share certificate?
  6. When do I get my new ordinary share certificate?
  7. What if I want to sell my new ordinary shares before I have received my new ordinary share certificate?
  8. What if I hold my existing ordinary shares in a PEP or ISA?
  9. What is the tax effect of the Share Split?
  10. What is the effect of the Share Split on the final dividend?


1. What does this involve? Each existing ordinary share of 122 1/10p in the share capital of the Company has been subdivided into three new ordinary shares of 40.7p each.


2. Why has Pennon done this? In recent years the price of the Company’s ordinary shares has risen to the point where they are now one of the most highly priced ordinary shares compared with comparator companies quoted on the London Stock Exchange. It is hoped that the Share Split will lead to increased market liquidity of the Company’s shares.


3. How has this been done? Each existing 122 1/10p ordinary share registered in your name at close of business on 28 July 2006 has been divided into three new ordinary shares of 40.7p each. The effective date for dealings to commence in the new ordinary shares was 31 July 2006.


4. What does the Share Split mean to me? You will continue to hold the same proportion of Pennon immediately after the Share Split as you did before. It is expected that the market price of each new ordinary share will be approximately one third of the market price of an existing ordinary share which will reflect the fact that you will own three times as many ordinary shares in the Company. The aggregate value of your shareholding in the Company at the date of the Share Split should remain the same.


5. What happens to my current share certificate? Your existing ordinary share certificate will no longer be valid once the new ordinary shares have been listed. Therefore, you should destroy it or mark it as invalid upon receipt of your new ordinary share certificate.


6. When do I get my new ordinary share certificate? New ordinary share certificates will be dispatched on 9 August 2006.


7. What if I want to sell my new ordinary shares before I have received my new ordinary share certificate? You are able to sell your new ordinary shares from 31 July 2006 even though you will not have a new ordinary share certificate for them on that date. Pennon will not be issuing temporary documents of title. Instead the new ordinary shares will be certified against the register held by Lloyds TSB Registrars.


8. What if I hold my existing ordinary shares in a PEP or ISA? If you hold your existing ordinary shares in a PEP or an ISA, you should be able to hold the new ordinary shares you receive in place of your existing ordinary shares in a PEP or an ISA (subject to the terms and conditions of your PEP or ISA).


9. What is the tax effect of the Share Split? Based on current UK legislation, the Share Split should not give rise to a UK capital gains tax charge. After the sub-division of the existing ordinary shares, the base cost of those existing ordinary shares for the purposes of UK capital gains tax should be apportioned between the corresponding new ordinary shares. If you are in any doubt as to your personal tax situation, you should consult your own professional adviser.


10. What is the effect of the Share Split on the final dividend? The final dividend for the year ended 31 March 2006 will now be 11.7 pence per new ordinary share payable on 3 October 2006 to shareholders on the register on 4 August 2006. This is equivalent to the recommended final dividend of 35.1 pence on the ordinary shares prior to the Share Split.


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