National Grid 2014 Annual Report Download - page 177

Strategic Report Corporate Governance Financial Statements Additional Information
Authority to allot shares
Shareholder approval was given at the 2013 AGM to allot shares
ofup to one third of the Company’s share capital and a further
third in connection with an offer by way of a rights issue.
This year the Directors are seeking a lower level of authority than in
recent years, where an equivalent of two thirds of the issued share
capital of the Company, exclusive of treasury shares, was sought.
The Directors consider that the Company will have sufficient
flexibility with the lower level of authority to respond to market
developments. This authority is in line with investor guidelines.
The Directors currently have no intention of issuing new shares,
orof granting rights to subscribe for or convert any security into
shares, except in relation to, or in connection with, the operation
and management of the Company’s scrip dividend scheme and
the exercise of options under the Company’s share plans. No issue
of shares will be made which would effectively alter control of the
Company without the sanction of shareholders in general meeting.
The Company intends to actively manage the share issuance
arising from the operation of the scrip dividend scheme. In some
circumstances, additional shares may be allotted to the market
under the authority provided by this resolution. Under these
unlikely circumstances, it is expected that the allotment of new
shares (or rights to subscribe for or convert any security into
shares) will not exceed 1% of the issued share capital (excluding
treasury shares) per annum. For further details in relation to the
management of the scrip dividend scheme, see page 02.
Rights attached to shares
Ordinary shareholders and ADS holders receive dividends and
can vote at general meetings. Treasury shares do not attract a
vote or dividends. There are no restrictions on the transfer or sale
of ordinary shares. Some of the Company’s employee share plans,
details of which are contained in the Remuneration Report, include
restrictions on the transfer of shares while the shares are subject
to the plan. Where, under an employee share plan operated by the
Company, participants are the beneficial owners of the shares but
not the registered owner, the voting rights may be exercised by the
registered owner at the direction of the participant.
Share price
The following graph represents the movement of National Grid’s
share price during 2013/14. A graph showing the total shareholder
return over the last five years is available on page 72.
50
60
70
Apr 2013 Aug 2013 Dec 2013 Mar 2014
80
600
700
900
800
Ordinary share price
Source: Datastream
ADS price
US$ pence
National Grid ordinary shares are listed on the London Stock
Exchange under the symbol NG and the ADSs are listed on the
New York Stock Exchange under the symbol NGG.
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