AGM Result/ Directors update
National Grid Transco PLC
27 July 2004
27th July 2004
National Grid Transco plc ('NGT')
Shareholders Approve AGM Resolutions, Forthcoming Director Retirement And New
Director's Details
NGT confirms that all resolutions proposed at yesterday's Annual General
Meeting, as set out in the notice of Annual General Meeting dated 19 May 2004,
were duly passed by shareholders.
Voting on the Special Resolutions was by way of poll and the results are set out
below:
Resolution
Number Details For: Against:
(% of the shares voted) (% of the shares voted)
11 Authority to allot
NGT shares for cash 98.64% 1.36%
12 Authority for market
purchases of NGT shares 99.82% 0.18%
13 Amend NGT Articles of
Association 99.78% 0.22%
All other resolutions were passed on a show of hands.
As required by the UKLA Listing Rules, a copy of Resolution 9 (Approval of
Directors' Remuneration Report), Resolution 14 (Cancellation of Special Share)
which were passed on a show of hands, and Resolution 13 (Articles of
Association), passed on a poll, as noted above, will shortly be available for
inspection at the Document Viewing Facility, UK Listing Authority, Financial
Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.
----------------------------------------------
Also at the meeting, the decision of James Ross to retire as a non-executive
Director, on 21 October 2004, was reported to shareholders, this being the
second anniversary of the merger of National Grid Group and Lattice Group.
Group Chairman Sir John Parker said: 'As Chairman of National Grid, James played
a central role in the merger with Lattice. In his most recent role as Deputy
Chairman and Senior Independent Director of National Grid Transco, he has been a
valued member of the Board. We will all miss his wise counsel'.
------------------------------------------------
Mike Jesanis- Notification of Directors' Interests on Appointment
Following his appointment yesterday, NGT notifies that the interests of Mike
Jesanis, previously a senior group employee, are as follows:
Interests in NGT ordinary shares on appointment
Executive Share Options:
Number of shares Option Price per share Exercise period Vested- Yes/No
77,861 566.5p 31.3.2003- 31.3.2010 Yes
51,169 (i) 563p 18.6.2004- 18.6.2011 No
66,099 (i) 481.5p 18.6.2005- 18.6.2012 No
Note: (i) the option shall only be exercisable if the Company's Total
Shareholder Return is at least median against a comparator group of companies.
Performance Share Plan Awards:
Number Price Details
41,871 ordinary shares 405.25p per share June 2003 Award. Vesting subject to
NGT's Total Shareholder Return over
3 years, followed by one-year
retention, before release on 27 June
2007.
19,987 ADRs US $39.40 per ADR June 2004 award. Vesting subject to
NGT's Total Shareholder Return over
(99,935 ordinary shares) 3 years, followed by one-year
retention, before release on 8 June
2008.
Beneficially owned (Shares Purchased in National Grid USA Incentive Thrift
Plan):
682.49 ADRs (3,412 ordinary shares)
Total: 340,347
Note: In addition to the above interests, in place of participation in the Share
Matching Plan for senior executives, Mike Jesanis has elected to defer the ADS
component of his bonus into a Deferred Compensation Plan. For a phantom award
under this Plan, the ADS market value is tracked, additional value is accrued
for dividends and the value is delivered, net of normal US deductions, after
retirement. Awards to Mike Jesanis have been made over a total of 9,309.89
phantom ADSs (46,549 ordinary shares).
Other information
There is no other information required to be disclosed by paragraph 16.4 of the
Listing Rules in respect of Mike Jesanis.
This information is provided by RNS
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