Overview

Following the disposal of PacifiCorp by ScottishPower in 2006, ScottishPower announced a return of £2.25 billion of the proceeds from the sale of PacifiCorp to ScottishPower shareholders. The method of the return of cash was made by way of a B Share scheme accompanied by a share consolidation designed to maintain comparability of share price, earnings per share and dividends.

A number of alternatives were available under the B share scheme and at the time of the transaction with Iberdrola a number of B shares remained outstanding. The B shares were not acquired by Iberdrola.

Following the delisting of the B shares from the London Stock Exchange in 2007, ScottishPower implemented a rolling B share repurchase programme and this programme is still in effect.

To participate in the B share rolling repurchase programme you must complete a Repurchase Form. Repurchase Forms are available from Equniti. Equniti’s contact details are available here.

Please note that as the rolling redemption takes place every two weeks, once received your Repurchase Form will be added to the next redemption.  You can expect to receive payment approximately 2 – 3 weeks after returning the documents.

Further generation information on the B share rolling repurchase programme is available here:

Shareholder circular B share rolling repurchase programme

B sahre return of cash documentation

All documents relating to the sale of PacifiCorp and the return of cash are listed below:

• What are the capital gains tax implications of the PacifiCorp return of cash?
• Repurchase of B Shares (23 May 2006)
• Repurchase of B Shares (22 May 2006)
• Results of Elections (22 May 2006)
• SPW Final Block Announcement (15 May 2006)
• SPW Final Convertible Announcement (15 May 2006)
• SPW Final Listing Announcement (15 May 2006)
• ScottishPower shareholders approve Return of Cash with 99.26% of votes cast for the resolution (4 May 2006)
• Return of Cash Q&As for ADS holders (26 April 2006)
• Circular re Return of Cash (4 April 2006)
• Return of Cash Q&As (4 April 2006)
• Return of Cash Prospectus (4 April 2006)
• Return of Cash US Supplemental Memorandum (4 April 2006)