Viridian Group
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| Viridian Group plc | |
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| Type | Public (LSE: VRD) and (ISE:VRQA) |
| Founded | 1998 |
| Headquarters | Belfast, Northern Ireland |
| Industry | Energy |
| Revenue | £977 million (2006) |
| Operating income | £149 million |
| Net income | £93.5 million |
| Employees | 1,503 (2006) |
| Subsidiaries | Northern Ireland Electricity plc Energia |
| Website | www.viridiangroup.co.uk |
Viridian Group plc is a Northern Ireland-based energy business with interests in both Northern Ireland and the Republic of Ireland. Viridian owns Northern Ireland Electricity (NIE), Viridian Power & Energy, Energia, Huntstown and Powerteam.
[edit] History
Viridian was formed in 1998 as a holding company for Northern Ireland Electricity plc. NIE was a public utility which was privatised in 1993. Formerly a vertically integrated monopoly, NIE's power stations were demerged and sold prior to privatisation.
Viridian's strategy is strongly focused on Irish energy markets
On 6 October 2006, the boards of Viridian and ElectricInvest announced that they had reached agreement on the terms of a recommended Proposal by ElectricInvest, a company beneficially owned by the international investment firm Arcapita, to acquire the entire issued share capital of Viridian.
The acquisition was implemented by way of a Court sanctioned Scheme of Arrangement under Article 418 of the Companies (Northern Ireland) Order 1986.
The Scheme of Arrangement became effective on 8 December 2006 when Viridian Group shares were delisted.
Shareholders on the share register at 4.30 pm on 6 December 2006 received £13.25 per share for each Viridian Share held and/or Loan Notes under the Loan Note Alternative in accordance with valid elections made by them.
The cash consideration, and loan note certificates where applicable, were despatched to shareholders on 22 December 2006.
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