On 24 November 2016, the Dee Valley Board announced that it was recommending this Revised Severn Trent Proposal.
On 11 January 2017, the Dee Valley Board announced that it had come to their attention that a series of approximately 445 transfers of small holdings in Voting Ordinary Shares had taken place (the “Transfers”) which was capable of distorting the outcome of the shareholder vote to be held at the Court Meeting convened in connection with the Scheme.
Dee Valley obtained directions from the Court (the “Court Direction”), that the chairman of the Court Meeting (the “Chairman”) may not accept the votes of the holders of the Voting Ordinary Shares which were subject to the Transfers (the “Transferred Shares”). This was intended to allow the Scheme to proceed to the Scheme Court Hearing.
On 12 January 2017, Dee Valley announced that, having not accepted the votes of the holders of the Transferred Shares, the resolution at the Court Meeting was passed on a poll vote.
Court sanctions Scheme
At the Scheme Court Hearing, held today, following representations from interested parties, the Court sanctioned the Scheme to effect the Revised Severn Trent Acquisition.
The Court has however adjourned to Friday 10 February 2017 pending any application to appeal. Accordingly the Scheme will not become effective prior to this date. Dee Valley will make a further announcement in due course.