National Grid PLC Delisting of the NMPC Preferred Stock (3829W)
11 Dicembre 2023 - 4:54PM
UK Regulatory
TIDMNG.
RNS Number : 3829W
National Grid PLC
11 December 2023
11 December 2023
National Grid plc ('National Grid' or 'the Company')
Delisting of the NMPC Preferred Stock
Niagara Mohawk Power Company ("NMPC"), an indirect wholly-owned
subsidiary of National Grid, together with the Company publicly
announced today its intention to voluntarily delist its 3.60%
Preferred Stock and 3.90% Preferred Stock, which are both
guaranteed fully and unconditionally by National Grid (together
with the applicable guarantees by National Grid, the "Preferred
Stock") from the New York Stock Exchange (the "NYSE"), by filing
Form 25 with the U.S. Securities and Exchange Commission (the
"SEC"). NMPC and National Grid have provided written notice to the
NYSE of such intent to voluntarily delist the Preferred Stock.
The decision to voluntarily delist from the NYSE and deregister
from the SEC was made after careful consideration of the benefits
and drawbacks of continued listing by the management of both NMPC
and National Grid. NMPC and National Grid have made this decision
based on the current market conditions and the financial and
administrative burdens necessary for the continued listing of the
Preferred Stock on the NYSE.
The delisting and potential deregistration of the Preferred
Stock will not have any impact on any of the terms or conditions of
the Preferred Stock or the guarantee of National Grid. Such
delisting and deregistration will have no impact on any of the
other issued and outstanding securities of NMPC or National
Grid.
It is expected that the last day of trading of the Preferred
Stock on the NYSE will be 31 December 2023. Following the delisting
of the Preferred Stock, NMPC and National Grid also expect to be
able to file a Form 15 with the SEC with respect to the Preferred
Stock approximately ten days after the filing of the Form 25 in
order to deregister the Preferred Stock. It is intended that the
Form 25 will be filed on or about 21 December 2023. National Grid
does not intend to arrange for listing or registration of the
Preferred Stock on another exchange or for quotation in a quotation
medium.
It is expected that the deregistration of the Preferred Stock
will become fully effective 90 days after the Form 15 is filed with
the SEC. Since 9 November 2007, NMPC, as an operating subsidiary of
National Grid and an issuer of the Preferred Stock, which has been
guaranteed by National Grid, has provided certain supplemental
disclosure as part of the Notes to Accounts to National Grid's
consolidated financial statements, pursuant to Rule 3-10 of
Regulation S-X under the Exchange Act. In the event the Form 15 is
filed, NMPC and National Grid's obligation to provide such
supplemental disclosure will immediately be suspended and neither
NMPC nor National Grid intends to provide such disclosure following
the date of such filing.
CONTACTS
Investors:
Nick Ashworth +44 (0) 7814 355590
Media
Lyndsey Evans +44 (0) 7714 672 052
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END
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