Further to the announcement made on 24 July 2020, Centrica plc (“Centrica”) has today published a circular (the “Circular”) in relation to the proposed sale of Direct Energy to NRG Energy (the “Transaction”), having received approval from the Financial Conduct Authority. The Circular will be sent to Centrica’s Shareholders (other than those who have elected for notification by electronic communication) shortly.
The Transaction is conditional on, among other things, the approval of Centrica’s Shareholders. Accordingly, the Circular contains a notice convening a general meeting of the Company which is to be held at Millstream, Maidenhead Road, Windsor, Berkshire SL4 5GD at 2.00 p.m. on 20 August 2020 (the “General Meeting“) at which an ordinary resolution (the “Resolution”) will be proposed for Centrica’s Shareholders to approve the Transaction (the “Notice of General Meeting”).
The Board considers the Transaction (and the Resolution necessary to implement the Transaction) to be in the best interests of Centrica and its Shareholders as a whole and unanimously recommends that Shareholders vote in favour of the Resolution.
In line with recent U.K. legislation in relation to holding company meetings during the COVID-19 pandemic, the General Meeting will be convened with the minimum quorum of Centrica’s Shareholders (which will be facilitated by Centrica’s management) in order to conduct the business of the General Meeting. The health and safety of our Shareholders and colleagues is always our utmost priority. Therefore, the General Meeting will be held as a closed meeting, and Shareholders (and any appointed proxies (other than the chairman of the General Meeting) or corporate representatives) will not be granted access to the General Meeting in person. We strongly urge Shareholders to vote by proxy on the Resolution as early as possible, and the Centrica Board recommends that Shareholders appoint the chairman of the General Meeting as their proxy. Further information as to how to vote by proxy can be found in the Notice of General Meeting.
The Circular and the Notice of General Meeting have been submitted to the Financial Conduct Authority's National Storage Mechanism (the "NSM") and will be available for inspection on the NSM's website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Circular and the Notice of General Meeting will also be available for viewing on Centrica’s website at www.centrica.com/GM820.