National Grid 2008 Annual Report Download - page 172

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 57172
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.5.1, Doc: 4, Page: 76
Description: EXH 2(B).5.1
0/2555.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/555/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 57172
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.5.1, Doc: 4, Page: 76 Description: EXH 2(B).5.1
0/2555.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/555/2*
The business address of each of the above is 1-3 Strand, London WC2N 5EH.
There are no potential conflicts of interest between the duties to National Grid of the Directors listed above and their private
interests or other duties.
Recent Developments
In February 2006, National Grid announced the proposed acquisition of KeySpan Corporation for $7.3billion to
g
ether with the
assumption of $4.5billion of debt. The completion of this transaction is subject to a number of conditions precedent of which
only the approval of the New York Public Service Commission remains outstandin
g
. This transaction is expected to be before
the NYPSC for a vote on 22 August 2007 and completion of the acquisition is expected shortly thereafter.
On 3 April 2007, National Grid sold its U.K. wireless infrastructure operations to Macquarie UK Broadcast Ventures Limited for
£2.5billion. In April 2007, National Grid also a
g
reed the sale of its wireless infrastructure operations in the U.S. to WGN
Acquisition LLC, a company jointly owned by M/C Venture Partners and Wachovia Capital Partners, for $290million. This
transaction is expected to complete later in 2007.
On 12 July 2007, National Grid announced the appointment of Tom Kin
g
as an Executive Director with effect from 13
Au
g
ust 2007. Mr Kin
g
will be based in the U.S. and will have responsibility for the electricity distribution and
g
eneration
businesses of National Grid.
On 31 July 2007, National Grid entered into an agreement to sell Basslink, its Australian sub-sea electricity interconnector
between the states of Victoria and Tasmania, to CitySprin
g
Infrastructure Mana
g
ement Pte Ltd for A$1.175bn. The sale is
subject to a number of contractual and governmental consents and is expected to complete by the end of September 2007.
76
Princi
p
al activities outside
Name Title the National Grid Group
the Singapore Economic Development Board and Member of the
Universit
y
of Edinbur
g
h Cam
p
ai
g
n Board.
Kenneth Harvey Non-Executive Director
(Senior Independent
Director
)
Non-Executive Chairman of Pennon Group plc.
Stephen Pettit Non-Executive Director Non-Executive Director of Halma plc. and Chairman of ROK Property
Solutions plc. Member of BT plc’s Equality of Access Board.
Maria Richter Non-Executive Director Director of Pro Mujer International, The Pantry Inc. and The Vitec
Group plc.
George Rose Non-Executive Director Director of BAe Systems plc, Non-Executive Director of SAAB AB and
a member of the Financial Re
p
ortin
g
Review Panel.