Business Context and Reporting Period
This Form 6-K filing by National Grid Group plc covers announcements made to the London Stock Exchange during April 2002, submitted to the SEC on May 7, 2002. The company is a foreign issuer reporting under Rule 13a-16 of the Securities Exchange Act of 1934. The filing primarily details corporate governance updates, employee share ownership plan (ESOP) activities, and the financial reporting timetable for the fiscal year ending March 31, 2003.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity for the current or prior periods. This document serves as a conduit for regulatory announcements rather than a financial results report. The only financial data point disclosed is a specific share purchase transaction by a director under the USA Incentive Thrift Plan: 34.83 Ordinary Share ADRs purchased at $35.85 per ADR on April 23, 2002.
Material Changes and Corporate Events
- Merger Announcement: A separate Form 6-K filed on April 22, 2002, announced the merger of National Grid and Lattice to create a leading international energy delivery company.
- Cost Savings and Dividend: On April 22, 2002, the company announced cost savings initiatives, a board change, and the final dividend for the period.
- ESOP Activity: Multiple notifications were issued regarding the National Grid 1996 Employee Benefit Trust. Executive Directors ceased to have a technical interest in shares as they were transferred to participants on April 5 (9,298 shares), April 22 (14,598 shares), and April 26 (23,952 shares).
Guidance, Outlook, and Management Commentary
The filing outlines the financial timetable for the upcoming fiscal year:
- Preliminary Results: The preliminary statement of results for the year ended March 31, 2002, is scheduled for announcement on May 30, 2002.
- Annual General Meeting: Scheduled for July 23, 2002, at the International Convention Centre in Birmingham.
- Dividend Payment: The final dividend for 2001/02 is set for payment on August 15, 2002. The ex-dividend date is June 5, and the record date is June 7.
The filing does not contain specific management commentary on risks, contingencies, or unusual items beyond the referenced merger and cost-saving announcements.
Investor Verification Checklist
- Verify the details of the National Grid and Lattice merger announced on April 22, 2002, including regulatory approvals and integration timelines.
- Review the preliminary results for the year ended March 31, 2002, upon their scheduled release on May 30, 2002.
- Confirm the specifics of the cost savings program and the nature of the board changes referenced in the April 22 announcement.
- Monitor the final dividend payment status for the 2001/02 period scheduled for August 15, 2002.