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Market abuse

Principle: We don't abuse our market position.

We define 'inside' information relevant to securities as information that:

Market abuse is behaviour that affects the integrity of financial markets and/or wholesale energy markets and prevents market transparency.

The regulations about market abuse protect investors, and we support the regulations by safeguarding against market abuse. Attempting to affect markets by abusing inside information (see definitions below), or attempting to manipulate markets by knowingly spreading false information, are serious offences.

Drax securities

  • Is of a precise nature
  • Is not generally available (so you only know it because you're a Drax colleague)
  • Relates, directly or indirectly, to Drax or any Drax securities
  • Would, if generally available, be likely to affect the price of Drax securities

Examples might include:

  • Major business developments, like substantial projects

Drax securities can take the form of equities (ownership via stocks and shares) or debt instruments (money borrowed and due for repayment).

  • Regulatory developments
  • Dividend announcements

They're dealt in ways that include:

  • Significant changes in expectations of our performance
  • The purchase, sale or transfer of shares
  • Changes to our Board of Directors
  • The exercise of share options
  • Major contracts awarded
  • Entering into contracts for difference or equity swaps

As Drax securities are publicly traded, colleagues dealing in them must comply with the strict rules that prevent market abuse. Anyone in possession of 'inside information' can't deal in, or recommend that another person deals in, Drax securities. Dealing when in possession of inside information is both a civil and criminal offence. We define 'inside' information relevant to securities as information that:

Only authorised people should access and disclose inside information relating to Drax. If you believe you may be in possession of inside information, or are unsure, contact the Group Company Secretary immediately. Colleagues may face disciplinary proceedings (and consultants/contractors may be in breach of their contract with Drax) if they abuse inside information, and may also face civil or criminal proceedings.