UIL: five million additional 2028 zero-dividend preference shares approved

UIL Finance and UIL announced on 7 September 2026 that the finance subsidiary approved five million new 2028 zero-dividend preference shares, initially issued to UIL.

Structure and timing

The issue price will equal accrued capital entitlement on the issue date, expected to be 135.1p assuming admission on 10 September. That indicates approximately £6.755m for the new shares, calculated from the announced quantity and expected price.

The issue would increase outstanding 2028 ZDP shares to 30 million. They carry no voting rights at UIL Finance general meetings. UIL intends to hold them as an investment and sell them in response to market demand.

What to watch

Issuing securities to the parent does not establish that outside investors have already provided the same amount of cash. The key distinction is between admission, internal ownership and subsequent external sales.

For ordinary shareholders, the relevant follow-up is how much is ultimately sold, at what price, and how the proceeds and future redemption obligations affect the group's financing. The stated price and admission date remain expectations until issuance occurs.

Source: Company announcement, 7 September 2026.