Business Context and Reporting Period
This Form 6-K filing by National Grid plc (NGT) covers corporate announcements made to the London Stock Exchange through November 30, 2005. The filing primarily details changes in director share interests, employee share scheme operations, and institutional ownership notifications. While the filing references "Results for the six months ended 30 September 2005," the provided text does not contain the actual financial results for that period.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on equity-related transactions and ownership disclosures.
Material Changes and Ownership Disclosures
- Institutional Ownership:
- Morgan Stanley: Notified a 4.09% interest (110,852,856 shares) as of November 7, 2005. This includes 101,883,298 shares held pursuant to Section 208(5) involving transfer terms with a right to require return.
- Deutsche Bank AG: Notified a 3.34% interest (90,682,808 shares) as of November 29, 2005.
- Director Share Interests (Quest Trust):
- On November 1, 2005, five Executive Directors (Astle, Holliday, Lucas, Winser, Urwin) technically ceased interest in 45,478 shares transferred to employees.
- On November 15, 2005, the same directors ceased interest in 913,652 shares transferred to approximately 330 employees.
- Director Share Interests (LTIS):
- Director Steve Lucas received a transfer of 59,540 shares from the Lattice Group Long Term Incentive Scheme Trustee on November 3, 2005, following the disposal of 41,517 shares to settle taxes. His total interest stands at 576,964 ordinary shares and 318 B shares.
- Share Incentive Plan (SIP):
- On November 7, 2005, 46,558 shares were purchased at 526.84 pence per share for approximately 2,750 participants. Directors Steven Holliday and Roger Urwin received 24 shares each under this plan.
Guidance, Outlook, and Risks
The filing text does not contain management commentary, forward-looking guidance, risk factors, or contingencies. It is a procedural report of regulatory notifications regarding share ownership.
Key Facts for Investor Verification
- Verify the full financial results for the six months ended September 30, 2005, as they are referenced but not included in this text.
- Confirm the nature of the 101,883,298 shares held by Morgan Stanley under Section 208(5) to understand the extent of their economic exposure versus voting rights.
- Review the total share capital outstanding to contextualize the 4.09% and 3.34% institutional holdings.
- Check subsequent filings for the final impact of the Quest and LTIS share transfers on executive compensation and dilution.