Key Developments: Drax Group PLC (DRX.L)

DRX.L on London Stock Exchange

441.00GBp
19 Dec 2014
Price Change (% chg)

-5.30p (-1.19%)
Prev Close
446.30p
Open
450.00p
Day's High
453.40p
Day's Low
435.50p
Volume
2,194,765
Avg. Vol
859,673
52-wk High
829.50p
52-wk Low
433.10p

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Latest Key Developments (Source: Significant Developments)

Drax Group Plc announces directorate change
Thursday, 18 Dec 2014 02:00am EST 

Drax Group Plc:Announces that Charles Berry is to retire as a non-executive director and Chairman of the Board at the conclusion of the company's next annual general meeting scheduled to be held in April 2015.Says it is appointing Philip (Phil) Cox CBE as a non-executive director and Chairman designate with effect from Jan. 1, 2015.Says he will then succeed Charles Berry as chairman with effect from the close of the 2015 AGM.  Full Article

Drax Group plc reaches settlement with Ofgem over CESP Non-compliance
Friday, 28 Nov 2014 02:00am EST 

Drax Group plc:Says it has reached a settlement with the energy regulator, Ofgem, following its non-compliance with its obligation under the government's Community Energy Saving Programme (CESP).Says it has agreed to a total of 28 mln Pounds in settlement.Says which would see up to 20 mln Pounds benefit vulnerable energy consumers through a programme of work to be developed with the charity, National Energy Action, and the remaining 8 mln Pounds to be paid as a fine or delivered as further consumer redress measures.Says from the outset, Drax voiced its concerns over the inclusion of independent generators in the CESP given their lack of experience in the delivery of energy efficiency schemes, and the lack of any direct relationship with domestic electricity consumers.Says for these reasons, Drax had little option but to outsource the delivery of its obligation to a third party provider operating in the energy efficiency sector.Says unfortunately, the chosen provider failed to deliver the obligation in full and despite procuring additional measures Drax did not comply with its obligation by the end of the obligation period.Says Drax has also reached settlement of its action for breach of contract against the third party, on confidential terms.  Full Article

Drax Group plc announces retirement of Chairman
Wednesday, 24 Sep 2014 05:00am EDT 

Drax Group plc:Says Charles Berry is to retire as a non-executive director and Chairman of the Board.Says retirement will become effective at the conclusion of company's next Annual General Meeting scheduled to be held in April 2015.  Full Article

Drax Group Plc to pay an interim dividend
Tuesday, 29 Jul 2014 02:03am EDT 

Drax Group Plc:Board resolved to pay an interim dividend for six months ended June 30 of 4.7 pence per share.Interim dividend will be paid on or before Oct.10 and shares will be marked ex-interim dividend on Sep. 24.  Full Article

Drax Group Plc sues UK government over u-turn on biomass conversion support
Tuesday, 22 Apr 2014 09:21pm EDT 

Drax Group Plc:Commences legal proceedings against government decision not to support conversion of one of its coal units under a new subsidy scheme.Government had shortlisted conversion unit for subsidy support in Dec.Conversion of a third unit at Drax' power plant was granted support under the government's contracts-for-difference mechanism.  Full Article

Drax Group Plc recommends final dividend for FY 2013
Monday, 17 Feb 2014 07:00pm EST 

Drax Group Plc:Recommends payment of final dividend for year ended Dec. 31, 2013.Dividend of 8.9 pence per share.Dividend payable on or before May 16.Shares will be marked ex-dividend on April 23.  Full Article

Drax Group Plc Announces Interim Dividend
Tuesday, 30 Jul 2013 02:00am EDT 

Drax Group PLC announced that the Board resolved to pay an interim dividend for the six months ended June 30, 2013 of GBP0.087 per share (GBP35 million), representing 50% of underlying earnings for the period. The interim dividend will be paid on or before October 11, 2013 and shares will be marked ex-interim dividend on September 25, 2013.  Full Article

Drax Group Plc Agrees GBP 75 Million Amortizing Loan Facility
Wednesday, 24 Apr 2013 02:00am EDT 

Drax Group Plc announced that it has agreed a GBPP 75 million amortizing loan facility maturing in June 2018 with Friends Life, underpinned by a guarantee from HM Treasury issued under the Infrastructure UK Guarantee Scheme. As anticipated, this loan facility replaces GBP 50 million of the GBP 100 million amortizing loan facility agreed with the UK Green Investment Bank, which was signed in December 2012.  Full Article

Drax Group Plc Recommends Final Dividend
Tuesday, 19 Feb 2013 02:00am EST 

Drax Group Plc announced that at the forthcoming AGM the Board will recommend to shareholders that a resolution is passed to approve payment of a final dividend for the year ended December 31, 2012 of 10.9 pence per share (GBP44 million), payable on or before May 17, 2013. Shares will be marked ex-dividend on April 24, 2013.  Full Article

Drax shares fall on UK plan to change biomass subsidies

LONDON, Dec 12 - Shares in Drax fell to their lowest in more than two years, wiping as much as 300 million pounds ($471 million) off the power firm's market value, after Britain announced planned changes to one of its subsidy schemes for biomass plants.

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