7 July 2020 by James Langley

Pennon sale of Viridor moves closer

The sale of Viridor to Planets UK Bidco Limited is expected to be completed imminently as Pennon Group applied to list 297,283 additional ordinary shares on the London Stock Exchange today (7 July).

In an announcement this afternoon (7 July), Pennon Group said an application for the admission of 297,283 ordinary shares of 40.7 pence had been made to the Official List and the London Stock Exchange.

Viridor is to be sold to Planets UK Bidco Limited for £4.2 billion

The announcement reads: “The application is being made in respect of issuing shares to executive management upon the early vesting and release of long-term incentives under the terms of the Company’s Long-term Incentive Plan (LTIP) and Performance and Co-investment Plan (PCP) (the ‘Plans’), as a result of the sale of the Company’s waste management business, Viridor.

“The shares will be allotted and issued to the Plans’ trustee, Apex Corporate Trustees (UK) Limited upon admission and then transferred to the LTIP participants. Admission is expected to be effective from 8 July 2020.”

Shares in Pennon Group are currently worth £10.63.

Sale

Pennon Group, which also owns South West Water, announced in March that Planets UK Bidco, a newly formed company, would be buying its waste arm for £4.2 billion (see letsrecycle.com story).

The company had been established by funds advised by Kohlberg Kravis Roberts & Co LP (KKR), which reportedly had a bid for the company turned down last year (see letsrecycle.com story).

The sale of Viridor to Planets UK Bidco Limited moved a step closer on 28 May after Pennon Group shareholders approved the deal at a general meeting (see letsrecycle.com story).

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