Business Context and Reporting Period
This Form 6-K filing by National Grid Transco plc (NGT) covers announcements made to the London Stock Exchange during the month of February 2005. The registrant operates as a foreign issuer under Rule 13a-16 of the Securities Exchange Act of 1934. The filing primarily details corporate governance updates regarding employee share schemes and director interests rather than operational or financial performance.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on share capital movements and director interest notifications.
- Share Price: 528 pence per share (market purchase date: February 7, 2005).
- Total Shares in Issue: 3,089,910,951 (as of January 31, 2005).
- Shares Issued/Allotted (Period): 1,671,958 (August 1, 2004 to January 31, 2005).
- Shares Not Yet Issued (Period End): 13,914,200.
Material Changes
Material changes reported relate to the company's share capital structure and director holdings under various incentive schemes:
- Share Issuance: Between August 1, 2004, and January 31, 2005, 1,671,958 shares were issued or allotted under employee share schemes, reducing the unissued balance from 15,586,158 to 13,914,200.
- Director Interests (LTIS): Executive Director Steve Lucas's technical interest in the Lattice Group Long Term Incentive Scheme decreased from 106,096 shares to 103,732 shares following participant exercises on February 1 and February 4, 2005.
- Director Interests (SIP): Directors Steven Holliday and Roger Urwin increased their total interests by 23 shares each following a monthly purchase of 61,041 shares on February 7, 2005.
- Director Interests (Quest): Directors E M Astle, S J Holliday, N P Winser, and R J Urwin ceased to have a technical interest in 11,740 shares following a transfer to employees on February 15, 2005.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for future guidance, management outlook, specific risks, contingencies, or unusual items. The document serves as a regulatory notification of routine share scheme operations and director interest updates.
Investor Verification Checklist
- Verify the impact of the 1,671,958 shares issued during the six-month period on total diluted earnings per share.
- Confirm the current market price relative to the 528 pence purchase price noted for the Share Incentive Plan.
- Review the full terms of the Lattice Group LTIS and Quest schemes to understand the vesting conditions for the remaining unissued shares.
- Check subsequent filings for any changes in the total share count of 3,089,910,951.