48HO Mid Kent Wtr4%

RNS Number:1995E
Mid Kent Holdings PLC
21 January 2000



                            MID KENT HOLDINGS PLC:
                      PRICE DETERMINATION TO BE REFERRED
                         TO THE COMPETITION COMMISSION

Mid  Kent  Holding's wholly owned subsidiary, Mid Kent Water,  has  asked  the
Office of Water Services (Ofwat) today (Friday, 21 January 2000) to refer  its
Price  Determination to the Competition Commission.  It believes this decision
to be in the best interests of its customers, employees and shareholders.  The
Water  Company has looked in depth at Ofwat's Final Determination which  calls
for  an  average 19.7 per cent  reduction in price limits for water bills  for
the  year commencing 1st April 2000, which is significantly above the  average
for  the  Industry.   The  Company believes that Ofwat  has  given  inadequate
consideration to the particular demographic and water resource characteristics
of its area.

Subject to unforeseen circumstances the final dividend for the current  fiscal
year  will be maintained at 21.78p.  The Water Company is obliged to implement
Ofwat's Price Determination on 1st April 2000 which will result in a reduction
in  profits  for  the  first year ending 31 March 2001.  The  Board  therefore
expects  to  propose a 25 per cent reduction in dividend for that year.   Real
sustainable  growth  thereafter will depend on the result of  the  Competition
Commission's review and the performance of the non-regulated businesses.

Editor's Notes:
1. The Company supplies water to over 560,000 people with on average nearly   
   160 Mld of water daily over an area of some 2,050 sq. km.
2. Supplies 210,000 homes and 23,778 businesses via 4,167 km of underground   
   pipes.


Enquiries:
Geoff Baldwin, Chief Executive, Mid Kent Holdings plc       Tel: 01634 240 313



        Issued on behalf of Mid Kent Holdings plc by Binns & Co PR Ltd
                              Tel: 0207 786 9600

END
MSCBBGDBRUDGGGB

Grafico Azioni Mid Kent Wtr4% (LSE:48HO)
Storico
Da Giu 2024 a Lug 2024

Grafico Azioni Mid Kent Wtr4% (LSE:48HO)
Storico
Da Lug 2023 a Lug 2024