On 26 February 2007, the holders of the Bonds were notified that ScottishPower had sent to its shareholders a document (the Document setting out the full terms of the Scheme and that holders of the Bonds could obtain the Scheme Document from the specified offices of the Paying, Transfer, Conversion and Exchange Agents and the Registrar. The Scheme Document includes details of the impact of proposed acquisition on the Bonds. On 30 March 2007, ScottishPower announced, among other things, that the shareholders of ScottishPower had approved the Scheme, including the amendment to ScottishPower articles of association so as to provide that holders of Bonds who convert their Bonds after the Effective Date will automatically receive consideration the economic effect of which will be 400 pence in cash and 0.1646 of an Iberdrola Share for each ScottishPower Share resulting from conversion.
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