19th Jan 2006 14:55
Scottish & Southern Energy PLC19 January 2006 Scottish and Southern Energy plc19 January 2006 SSE RECEIVES THIRD DISTRIBUTION PAYMENT FROM TXU ADMINISTRATOR Scottish and Southern Energy plc ("SSE") has today received a third netdistribution payment of £50.5m from the administrators of TXU Europe Group plcin respect of its agreed claim. SSE announced on 3 December 2004 that its subsidiary, SSE Energy Supply Ltd, hadagreed a claim of £294.2m with the administrators, and certain of itssubsidiaries, in respect of a 14-year contract originally entered into in 1997. Following approval of the company voluntary agreement on 28 January 2005 thefirst net distribution of £159.1m was received on 31 March 2005 from theadministrator and a second net distribution of £41.6m was received on 2 August2005. In its Interim results statement in November 2005, SSE said it expected over 85%of its agreed claim would be settled. This third distribution means that SSE hasnow received 85% of its agreed claim. Following this payment, SSE expects to receive further distributions later in2006 and now expects that well over 90% of its claim will be settled. Gregor Alexander, Finance Director of SSE, said: "The receipt of this latest distribution is a significant milestone in the longprocess of recovering our claim from the TXU Europe administration. The processhas been complex and time-consuming, but has led to a good outcome for SSE." Enquiries to:Scottish and Southern EnergyAlan Young, Director of Corporate Communications 0870 900 0410Denis Kerby, Investor and Media Relations Manager 0870 900 0410 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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