Pennon Regulatory News (PNN)

1 February 2023

Pennon Group Plc

WaterShare+ Scheme

Building on the successful launch of our WaterShare+ initiative in 2020, we are delighted to have accelerated the second issuance of our unique WaterShare+ scheme. £20 million of outperformance has been used to underpin our commitment not just to South West Water and Bournemouth Water customers but now also to Bristol Water customers, equating to £13 per customer.

As part of this scheme certain customers were able to elect to receive a Pennon share as an alternative to receiving a £13 credit on their bill. In excess of 35,000 customer shares have been purchased for this second offer via a WaterShare+ dividend of £325,122.37[1].

Susan Davy, Pennon Chief Executive Officer, commented:

"South West Water is setting a new standard in customer engagement as the UK's leading socially responsible water business through Pennon's second issuance of WaterShare+. More households than ever before are now shareholders, with 1 in 14 in South West Water participating in WaterShare+. I'm also delighted that we have been able to expand the scheme to include Bristol Water customers for the first time, delivering on our commitment to ensure that every customer should benefit from what we do." 

Important Legal Information

The Pennon shares referred to herein have not been, and will not be, registered under the US Securities Act of 1933, as amended, or any relevant securities laws of any state or other jurisdiction of the United States, and may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within the United States absent registration or an applicable exemption from the registration requirements.

[1] For the purposes of paying the WaterShare+ Scheme dividend, in 2020 Pennon issued and allotted a single non-cumulative redeemable preference share of £0.01 in the capital of Pennon to Link Market Services Limited.