On May 23rd, National Grid presented their fiscal year 2023 earnings. During this presentation, a rights issue was announced to raise additional capital. UK shareholders are being offered the opportunity to purchase up to 7 new shares of National Grid stock for every 24 shares they already own at a 35% discount. Local 97 has reached out to financial advisors at the Retirement Planning Group for clarification on the impact of this rights issue. National Grid has utilized this strategy in the past. In 2010, they did a two-for-five Rights Issue to prepare for an era of increased capital investment. Like what took place in 2010, this Rights Issue/Offering will have a negative short-term impact on the price per share of NGG stock, due to dilution of shares, but this allows them to focus on global expansion. US Shareholders, inclusive of employees, will not have the right to participate in this offering due to applicable laws and regulations of the US Securities and Exchange Commission. We recommend reaching out to a financial advisor with any additional questions on this rights issue.