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Pennon issues shares to customers in profit outperformance scheme
StockMarketWire.com
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Water utility Pennon said it had issued shares to its customers as part of an agreement to distribute profit performance exceeding regulatory strictures.
Pennon said £20 million was being given to customers, equating to about £20 per customer, reflecting regulatory outperformance to 2020.
Customers were able to elect to receive £20 in Pennon shares as an alternative to receiving a £20 credit on their bill.
The company said one-in-16 households had become shareholders of the company under the scheme, with in excess of 100,000 customer shares purchased via a dividend.
'This landmark step for a listed utility opens up a new kind of share ownership scheme for customers, connecting them with their water company in a way that has never been done before,' chief executive Susan Davy said.
'If South West Water continues to outperform, we will share further financial benefits with our customers, including the opportunity for them to take a bigger stake in their water company and for more customers to become shareholders.'
Story provided by StockMarketWire.com
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