What happened to my British Energy shares?

British Energy was acquired by EDF S.A., effective as of 5 January 2009. If you did not return a Form of Acceptance by 5 December 2008, your shares  would have been subject to a compulsory purchase at 774p per share. The funds are being held for you by the registrars, Equiniti. To receive these funds you need to contact Equiniti by calling 0871 384 2045 or in writing at Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA.

What are the Nuclear Power Notes?

The Nuclear Power Notes were issued to those British Energy shareholders who elected to receive them in lieu of 74p cash, as part of the Acquisition of British Energy by EDF. The Nuclear Power Notes are a ten year instrument (2009 – 2019) which were offered in conjunction with the takeover of British Energy by EDF S.A. The Notes give ex-British Energy shareholders a continuing interest in the eight nuclear power stations that were previously owned by British Energy (now known as the EDF Energy Nuclear Generation fleet), which may result in an annual cash payment.

When will the next payment for the Nuclear Power Notes be and how much will it be? 

Annual CVR Payments are calculated using a formula. There is no management discretion involved in determining whether a payment is to be made or not, as there would be with a dividend. The formula is calculated every year in January.

The two key components of the formula that will determine whether a payment will be made and which are subject to certain thresholds and caps, are:

  • Eligible Nuclear Output – total output from the EDF Energy Nuclear Generation fleet
  • Relevant Power Price – based on market power prices, not prices achieved


There is no guarantee that an Annual CVR Payment will be made. 

The table below shows the history of the Annual CVR Payments:

 

2009

2010

2011

2012

2013

2014

2015

Date of announcement

18 Jan 2010

14 Jan 2011

13 Jan 2012

14 Jan 2013

14 Jan 2014

14 Jan 2015

14 Jan 2016

Amount (p)

11.497164

0.0

0.0

0.0

0.0

0.0

0.0

 

I have not received a payment for the 2009 Annual CVR Payment 

Any payments will be made by electronic transfer only. If you did not receive your payment from Computershare, you need to contact them on +44 (0)870 707 1760 and request a Dividend Mandate Form. Once Computershare has received your form, they will be able to transfer the funds to you.

How do I find out the price of the Nuclear Power Notes?

The Nuclear Power Notes are listed on the ICAP Securities and Derivatives Exchange. See the current market price

How do I trade my Nuclear Power Notes?

To trade your Nuclear Power Notes you will need to contact Computershare on +44 (0)870 703 0084.

What is the Quarterly Information Statement?

The Quarterly Information Statements are issued following the end of each calendar quarter to provide information that may be relevant for the Annual CVR Payment calculation. These are issued by RNS to the London Stock Exchange but are also posted to Noteholders. These statements are for information only and no action needs to be taken by Noteholders.

I have not received any notifications about my Nuclear Power Notes, what should I do? 

You need to contact the registrars, Computershare, to check your details on +44 (0)870 707 1760.

What happened to my London Electricity plc shares?

London Electricity plc was taken over by EDF Energy on 10 April 1997 and all shares were acquired by EDF Energy under the terms of the takeover offer. Shareholders were entitled to payment for their shares and would have received a payment at the time for their shares. All outstanding entitlements from this takeover are being held by the Court and you will need to contact the Court if you believe that you have an entitlement due.

Who do I contact about my London Electricity plc shares?

Please contact the Court in writing at the following address:

Sandra Drummond
Chancery Chambers
Rolls Building
Royal Courts of Justice
7 Rolls Building, Fetter Lane
London EC4A 1NL

Who do I contact about my Seeboard plc shares?

Seeboard plc, which used to be owned by EDF Energy, has been sold to UK Power Networks. You will need to contact UK Power Networks directly about your Seeboard plc shares at the following address:

The Company Secretary
UK Power Networks Services (South East) Limited
Newington House
237 Southwark Bridge Road
London SE1 6NP