A total of 450 million shares, including the exercise in full of an over-allotment option of 50 million shares, have been sold. Based on the offering price of 520p ($10.40) per offering share, the gross proceeds are expected to be approximately £2.34 billion ($4.68 billion).
Net proceeds from the sale will go to the Nuclear Liabilities Fund (NLF) to meet the future decommissioning costs of the company’s eight nuclear power stations Dungeness B; Hartlepool; Heysham 1; Heysham 2; Hinkley Point B; Hunterston B; Sizewell B and Torness.
The effect of the disposal will be to reduce the NLF’s economic interest in British Energy from approximately 64% to around 36%.
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