National Grid 2008 Annual Report Download - page 14

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 43584
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: 20-F, Doc: 1, Page: 8
7/10008.00.00.00Y59930BNY
[A/E] EDGAR 2 *Y59930/008/10*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 43584
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: 20-F, Doc: 1, Page: 8
7/10008.00.00.00Y59930BNY
[A/E] EDGAR 2 *Y59930/008/10*
Table of Contents
132 to 133 and “Note 31 Actuarial information on pensions and other post-retirement benefits” on pages 156 to 158,
“Corporate Governance” on pages 88 to 97, “Employees” on page 99 “Operating Costs 3(b) Number of Employees”
on page 129 and “Note 25 Share capital” on pages 149 to 150 of the Company’s Annual Report and Accounts
2007/08 contained in Exhibit 15.1 is incorporated herein by reference.
We negotiate with recognised unions. It is our policy to maintain well-developed communications and
consultation programmes and there have been no material disruptions to our operations from labour disputes during
the past five years. National Grid believes that it can conduct its relationship with trade unions and employees in a
satisfactory manner.
Item 7. Major Shareholders and Related Party Transactions
Major shareholders
As at 13 June 2008, we had been notified of the following holdings in voting rights of 3% or more in the issued
share capital of the Company:
No further notifications had been received. As at 13 June 2008, 91,813,398 shares are held in treasury. Treasury
shares do not receive dividends and do not have voting rights
All ordinary shares have the same voting rights.
Approximately 14.7% of National Grid’s ordinary shares, including ADSs, are held beneficially by persons in
the US, and there are 3,523 US holders on the ordinary share register and approximately 20,300 registered holders of
ADSs.
The information set forth under the heading “Note 30 Related party transactions” on page 155 of the Company’s
Annual Report and Accounts 2007/08 contained in Exhibit 15.1 is incorporated herein by reference.
Item 8. Financial Information
The information set forth under the headings “Accounting policies” on pages 114 to 120, “Adoption of new
accounting standards” on page 121, “Consolidated balance sheet” on page 123, “Consolidated income statement” on
page 122, “Consolidated statement of recognised income and expense” on page 124, “Consolidated cash flow
statement” on page 125, “Notes to the consolidated financial statements-analysis of items in the primary statements”
on pages 126 to 152, “Notes to the consolidated financial statements — supplementary information” on pages 153 to
178, “Legal and related matters” on page 23 and “Shareholder returns” on page 43 of the Company’s Annual Report
and Accounts 2007/08 contained in Exhibit 15.1 is incorporated herein by reference.
Item 9. The Offer and Listing
Price history
The following table sets forth the highest and lowest market prices for our ordinary shares and ADSs for the
periods indicated. As described in “Note 25 Share capital b shares” on page 149, the Company’s ordinary shares
were consolidated to reflect the £2 billion return of cash to shareholders by way of a B share scheme. Shareholders
received 43 new ordinary shares for every 49 existing ordinary shares, which resulted in the existing 3,091,247,761
5
Number of % of Outstanding
Ordinar
y
Shares Share Ca
p
ital*
Legal and General Investment Management Ltd 145,542,289 5.82
Fidelity International Limited 82,805,863 3.06
* This number is calculated in relation to the issued share capital at the time the holding was disclosed.