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Drax Group PLC (DRX.L)

DRX.L on London Stock Exchange

315.30GBp
20 Sep 2017
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Latest Key Developments (Source: Significant Developments)

Drax Group starts planning process for battery storage and gas options
Wednesday, 13 Sep 2017 08:42am EDT 

Sept 13 (Reuters) - DRAX GROUP PLC ::STARTS PLANNING PROCESS FOR BATTERY STORAGE AND GAS OPTIONS.PLANNING INSPECTORATE OF ITS INTENTION TO CONSULT ON LONG-TERM OPTIONS TO REPOWER UP TO TWO COAL UNITS TO GAS, AND BUILD BATTERY STORAGE AT DRAX POWER STATION.EXPECTS TO BEGIN CONSULTING ON THESE OPTIONS WITH LOCAL COMMUNITIES AND NATIONAL STAKEHOLDERS OVER COMING WEEKS.  Full Article

Drax appoints David Nussbaum as a non-executive director
Wednesday, 19 Jul 2017 02:00am EDT 

July 19 (Reuters) - Drax Group Plc :David Nussbaum has been appointed as a non-executive director with effect from 1 August 2017.  Full Article

Drax Group posts H1 loss before tax of 83 mln pounds
Wednesday, 19 Jul 2017 02:00am EDT 

July 19 (Reuters) - Drax Group Plc ::H1 EBITDA 121 million stg versus 70 million stg year ago.Interim dividend 4.9 penceper share.H1 underlying earnings of 9 million stg versus 17 million stg in H1 2016.H1 loss before tax of 83 million stg versus profit of 184 million stg in H1 2016.H1 total dividend of 4.9 pence per share.Says 2017 expectations unchanged.Continue to expect FY ongoing core capital investment of 50 million stg per year.Says "continue to utilise medium-term foreign exchange hedges to help protect co from volatility in exchange rates leading to volatility in fuel costs".Says retail focus remains on B2B market.Says expecting government to announce plans for future carbon price support this autumn; maintaining dialogue with treasury, other government depts.For full year 2017, subject to continued operational performance, we expect ebitda to be in line with current market consensus.  Full Article

Drax expects to recommend dividend of 50 mln STG for 2017
Thursday, 15 Jun 2017 02:00am EDT 

June 15 (Reuters) - Drax Group Plc ::Outlining plan for 2025 EBITDA in excess of £425 million - more than third of which is expected to come from retail, biomass supply operations.Drax expects to pay a growing dividend consistent with maintaining its credit rating and investing in its business.Expects to recommend a dividend of 50 mln pounds with regards to 2017 financial year."Since publishing FY results on 16 Feb 2017, trading conditions in markets have remained unchanged; operational performance has been good".Expectations for full year EBITDA remain unchanged.  Full Article

Drax faces some investor opposition to annual remuneration report
Thursday, 13 Apr 2017 08:32am EDT 

Drax Group Plc : 77.03 percent of votes cast at AGM in favour of approval of directors' remuneration policy, 22.97 percent of votes cast against . 66.35 percent votes cast in favor of annual remuneration report at AGM, 33.65 percent against . Board of directors notes significant number of votes against 2016 directors' remuneration report and remuneration policy resolutions . Discussions have already taken place with a number of institutional shareholders who did not support remuneration report or remuneration policy resolutions .Feedback received will be discussed by remuneration committee in forthcoming meetings and further engagement is expected with shareholders.  Full Article

Kier Group says Phil White to retire as chairman
Thursday, 23 Mar 2017 03:41am EDT 

Kier Group Plc : Appointment of chairman designate . Phil White to retire as chairman and step down from board with effect from conclusion of the AGM on Nov 17 . White will be succeeded by Philip Cox CBE . Cox will retire as chairman of GPG by 10 September 2017 .Cox will join board as a non-executive director and chairman designate on 1 July 2017 and will assume chairman role immediately following AGM.  Full Article

Drax Group looking to buy some distressed pellet plants in U.S.
Monday, 27 Feb 2017 02:00am EST 

Drax Group Plc : Process for potential acquisition of distressed pellet plants . participating in separate processes (1) for acquisition out of bankruptcy of operating assets of Texas pellets (2) and Louisiana pellets (2) . Has submitted initial cash bids for these assets as part of an auction process, which will be held on 1 and 2 march 2017 .whilst these are binding bids, and could be accepted by sellers, it is expected that successful buyer will be determined through auctions.  Full Article

Drax Group wins deal to provide 1,203MW of derated capacity
Friday, 9 Dec 2016 04:20am EST 

Drax Group Plc : Contracts are for delivery period October 2020 to September 2021, at a price of 22.5 pounds/kW and are worth 27 million stg . Capacity market contracts . Has provisionally secured contracts to provide 1,203MW of derated capacity, from existing units, in 2016 T-4 capacity market auction .Initial purchase price for all four projects was 18.5 million.  Full Article

Telecom Plus says disposes stake in Opus Energy
Tuesday, 6 Dec 2016 02:15am EST 

Telecom Plus Plc : Disposal of investment in Opus Energy Group Ltd . Company will receive approximately 71 mln stg in cash for its shareholding in Opus . Company will recognise an exceptional profit of approximately 60 mln stg during current financial year .Completion is expected to take place in Q1 of 2017.  Full Article

Noble Group says unit disposes equity interests in power development companies
Monday, 5 Dec 2016 07:00pm EST 

Noble Group Ltd : Unit disposed of its entire 100% equity interests in each of power development companies to Drax Developments Limited . Deal for consideration of approximately us$23.5 million . Consideration will be satisfied in cash .Disposal will also result in outstanding bid and other security of approximately us$7.2 mln.  Full Article

UPDATE 1-Drax speeds up plans for coal conversion to gas

* Reports H1 loss but says full-year on track (Updates, adds details, background, CEO, shares)