On 18 May, UIL (UTL) released details of its plans to create a new class of 2022 ZDP. The aim of this new issue will be to provide UIL with new financing and simultaneously fund the redemption of the existing 2016 ZDP. Under its terms, this would also allow the opportunity for holders of the existing 2016 ZDP to rollover some or all of their 2016 ZDP shares into the new 2022 ZDPs (subject to overall limits on the Rollover Offer). With an issue price of 100p, the new shares will be placed at a
