Business Context and Reporting Period
This Form 6-K filing by National Grid plc is dated December 11, 2023. The report concerns a corporate action involving Niagara Mohawk Power Company ("NMPC"), an indirect wholly-owned subsidiary of National Grid.
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 the administrative and regulatory status of specific securities rather than consolidated financial performance.
Material Changes
- Voluntary Delisting: NMPC and National Grid announced the intention to voluntarily delist NMPC's 3.60% Preferred Stock and 3.90% Preferred Stock from the New York Stock Exchange (NYSE).
- Deregistration: The Company intends to file Form 15 with the SEC to deregister the Preferred Stock, suspending the obligation to provide supplemental disclosure under Rule 3-10 of Regulation S-X.
- Rationale: The decision was driven by current market conditions and the financial and administrative burdens associated with continued listing.
Outlook, Risks, and Management Commentary
- Terms Unchanged: Management confirmed that the delisting and deregistration will not impact the terms, conditions, or the full and unconditional guarantee of the Preferred Stock by National Grid.
- Timeline: The last day of trading on the NYSE is expected to be December 31, 2023. Form 25 is expected to be filed around December 21, 2023, with deregistration becoming effective 90 days after the Form 15 filing.
- Future Listing: National Grid does not intend to arrange for listing or registration of the Preferred Stock on another exchange or quotation medium.
Investor Verification Checklist
- Confirm the final trading date of December 31, 2023, for the NMPC Preferred Stock on the NYSE.
- Verify the filing of Form 25 with the SEC around December 21, 2023.
- Monitor the subsequent filing of Form 15 to confirm the suspension of supplemental disclosure obligations.
- Ensure that the guarantee of the Preferred Stock by National Grid remains in full force despite the delisting.