National Grid 2014 Annual Report Download - page 181

Strategic Report Corporate Governance Financial Statements Additional Information
Key milestones
Some of the key dates and actions in the corporate history
ofNational Grid are listed below. The full history goes back
muchfurther.
1986 British Gas (BG) privatisation
1990 Electricity transmission network in England and Wales transferred
toNational Grid on electricity privatisation
1995 National Grid listed on the London Stock Exchange
1997 Centrica demerged from BG
1997 Energis demerged from National Grid
2000 Lattice Group demerged from BG and listed separately
2000 New England Electric System and Eastern Utilities Associates acquired
2002 Niagara Mohawk Power Corporation merged with National Grid in US
2002 National Grid and Lattice Group merged to form National Grid Transco
2004 UK wireless infrastructure network acquired from Crown Castle
International Corp
2005 Four UK regional gas distribution networks sold and National Grid
adopted as our name
2006 Rhode Island gas distribution network acquired
2007 UK and US wireless infrastructure operations and the Basslink
electricity interconnector in Australia sold
2007 KeySpan Corporation acquired
2008 Ravenswood generation station sold
2010 Rights issue raised £3.2 billion
2012 New Hampshire electricity and gas distribution businesses sold
Material contracts
Each of our Executive Directors has a service agreement and each
Non-executive Director has a letter of appointment. No contract
(other than contracts entered into in the ordinary course of
business) has been entered into by National Grid within the two
years immediately preceding the date of this report which is, or
may be, material; or which contains any provision under which any
member of National Grid has any obligation or entitlement which is
material to National Grid at the date of this report.
Property, plant and equipment
This information can be found under the heading note 11 property,
plant and equipment on page 111, note 19 Borrowings on pages
119 to 121, Strategic Report pages 12 to 20, where we operate on
page 166 and principal operations on pages 29 to 38.
Shareholder analysis
The following table includes a brief analysis of shareholder
numbers and shareholdings as at 31 March 2014.
Size of shareholding
Number of
shareholders
% of
shareholders
Number
of shares
% of
shares
1–50 174,219 17. 6 3 6 6 5,070,597 0.1316
51–100 269,540 2 7. 28 6 2 19,092,359 0.4953
101–500 4 27, 0 8 2 43.2345 89,577,097 2.3241
501–1,000 58,849 5.9574 41,182,96 3 1.0685
1,001–10,000 55,016 5.5694 135,292,646 3.5101
10,001–50,000 2,079 0.2105 37,261,484 0.9667
50,001–100,000 203 0.0206 14,546,599 0.3774
100,001–500,000 429 0.0434 104,413,484 2.709
500,001–1,000,000 122 0.0124 85,852,431 2.2274
1,000,001+ 287 0.029 3,322,050,361 86.18 99
Total 987,82 6 100 3,854,340,021 100
Taxation
This section discusses certain US federal income tax and UK tax
consequences of the ownership of ADSs and ordinary shares by
certain beneficial holders thereof. This discussion applies to
holders who qualify for benefits under the income tax convention
between the US and the UK (the Tax Convention) and are a
resident of the US for the purposes of the Tax Convention and are
not resident or ordinarily resident in the UK for UK tax purposes
atany material time (a US Holder).
US Holders generally will be entitled to benefits under the Tax
Convention if they are:
• the beneficial owner of the ADSs or ordinary shares, as
applicable, and of any dividends that they receive;
• an individual resident or citizen of the US, a US corporation,
oraUS partnership, estate, or trust (but only to the extent the
income of the partnership, estate, or trust is subject to US
taxation in the hands of a US resident person); and
• not also a resident of the UK for UK tax purposes.
If a US Holder holds ADSs or ordinary shares in connection with
the conduct of business or the performance of personal services
in the UK or otherwise in connection with a branch, agency or
permanent establishment in the UK, then the US Holder will not
beentitled to benefits under the Tax Convention. Special rules,
including a limitation of benefits provision, apply in limited
circumstances to ADSs or ordinary shares owned by an
investment or holding company. This section does not discuss the
treatment of holders described in the preceding two sentences.
This section does not purport to be a comprehensive description
of all the tax considerations that may be relevant to any particular
investor. National Grid has assumed that shareholders, including
US Holders, are familiar with the tax rules applicable to investments
in securities generally and with any special rules to which they may
be subject. In particular, the discussion deals only with investors
that will beneficially hold ADSs or ordinary shares as capital assets
and does not address the tax treatment of investors that are
subject to special rules, such as banks, insurance companies,
dealers in securities or currencies, partnerships or other entities
classified as partnerships for US federal income tax purposes,
persons that control (directly or indirectly) 10% or more of our
voting stock, persons that elect mark-to-market treatment,
persons that hold ADSs or ordinary shares as a position in a
straddle, conversion transaction, synthetic security, or other
integrated financial transaction, persons who are liable for the
alternative minimum tax, or the Medicare tax on net investment
income, and persons whose functional currency is not the dollar.
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