Severn Trent Takeover Of Dee Valley Water To Complete As Appeal Plan Dropped

A plan to appeal last weeks court decision has been dropped, meaning the takeover of Dee Valley Water by Severn Trent will complete.

In a statement issued today the individual shareholders in Dee Valley Group plc who objected to their votes being discounted from a vote last month have decided not to pursue their appeal further.

The statement notes: “The legal process undertaken by the opposing shareholders to try to make sure that their votes as shareholders in Dee Valley Group be recognised has taken up a significant amount of time and energy for those employees of the Company and members of the community in north east Wales who, as the High Court acknowledged, had a genuine belief that the takeover of the Company by Severn Trent should be defeated for the greater good of the community at large.

“After much consideration, the opposing shareholders have decided that it is now appropriate to end their legal challenge to the takeover so that the uncertainty which has been hanging over employees and our local community for some time can come to an end.”

“The opposing shareholders note that further discussions have been held with Severn Trent Water in the last week and that, in those discussions, Severn Trent Water indicated that it does not want Dee Valley staff to lose their jobs and that Seven Trent understood that this is an emotional time for employees and for the local community and that no action would be taken against those who opposed its takeover.”

“We would ask our supporters to maintain their support and input in this process so that we can ensure that, following the takeover by Severn Trent Water, the best possible outcome for Dee Valley’s staff, customers, suppliers and the local community is achieved.”

The statement adds thanks to their legal team, plus local elected representatives Llyr Gruffydd AM, Susan Elan Jones MP, Ian Lucas MP, Ken Skates AM, Jo Stevens MP and their teams for their ‘tremendous support through what has been a difficult time for us’.

It concludes: “Although this is not the outcome that the opposing shareholders would have wanted, we sincerely hope that Seven Trent Water can retain the local workforce and suppliers. We wish the Company every success under its new ownership in continuing to provide the high levels of service to the community we care so strongly about.”