21st Jul 2006 10:23
Scottish & Southern Energy PLC21 July 2006 SCOTTISH AND SOUTHERN ENERGY PLC FOURTH PAYMENT FROM THE ADMINISTRATORS OF TXU EUROPE GROUP PLC Scottish and Southern Energy plc ("SSE") has received a fourth distributionpayment of £24.5m from the administrators of TXU Europe Group plc in respect ofits agreed claim of £294.2m relating to a 14-year contract originally enteredinto in 1997. This takes SSE's total direct receipt from the administration process to £275.7m(excluding its share of the separate distributions paid to Barking Power). SSEexpects to receive a further distribution later in 2006. When it received its first distribution in March 2005, SSE said it expected thatover 75% of its agreed claim would be settled. Following the subsequentdistributions, it now expects that, in total, over 95% of its agreed claim willbe settled. Gregor Alexander, Finance Director of SSE, said: "The receipt of this latest distribution is another major milestone in theprocess of recovering our claim from the TXU Europe administration. We haveexceeded expectations in terms of what we have been able to recover and we arenow on course to achieve over 95%. This is a very good result." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SSE