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Pennon narrowing investment options following Viridor windfall
StockMarketWire.com
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Water utility Pennon said it was continuing to narrow down potential investment opportunities, having recently reaped £3.7 billion of net cash proceeds from the sale of Viridor.
The company reiterated that it may return cash to shareholders, should it not find an attractive investment opportunity.
'Pennon believes there is significant value potential from the reinvestment of the Viridor sale proceeds in the UK water sector and continues to narrow down its review of potential growth opportunities,' it said in a trading update.
'In the event a major value accretive investment opportunity is not available, Pennon expects to make a substantial return of capital to shareholders.'
Pennon said it was on track to deliver 'resilient financial results' for the year through March in line with management expectations.
Story provided by StockMarketWire.com
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