Emera increases investment in Light and Power Holdings to 79.74 per cent
25 Janvier 2011 - 6:02PM
PR Newswire (Canada)
HALIFAX, Jan. 25 /CNW/ -- HALIFAX, Jan. 25 /CNW/ - Emera Inc.
("Emera" - Toronto Stock Exchange listing "EMA") wishes to advise
all shareholders of Light & Power Holdings Ltd. ("Light &
Power Holdings" - Barbados Stock Exchange listing: "LPH") that the
offer to purchase all issued and outstanding common shares in Light
& Power Holdings at a cash price per share of BB$25.70 (twenty
five Barbados dollars and seventy Barbados cents) closed as of 5 pm
on January 24, 2011. 7,129,269 shares of LPH were deposited in
response to the offer and Emera announced today that it will
purchase all deposited shares. If the tender and acceptance of all
shares is confirmed by the Barbados Stock Exchange as valid, this
will increase Emera's ownership in LPH to 79.74 per cent. This
41.43 per cent additional investment will make Emera the majority
shareholder in LPH. The remaining shares of LPH are primarily held
by 1,700 Barbadian shareholder accounts, including the National
Insurance Board of Barbados. Payments for deposited shares will be
made to shareholders by January 31, 2011. The transaction is
expected to close in the first quarter. Light & Power Holdings
is the parent company of The Barbados Light & Power Company
Limited ("BLPC"). BLPC is the sole electric utility operator on the
island of Barbados, serving 120,000 customers. BLPC has three power
generation stations consisting of 239 MW of installed capacity.
Cautionary Statement Regarding Forward-Looking Information: This
release contains forward-looking information and should not be read
as a guarantee of future events, performance or results, and will
not necessarily be an accurate indication of whether, or the times
at which, such events, performance or results will be achieved.
Emera disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required under
applicable securities laws. About Emera (EMA and EMA.PR.A - TSX) is
an energy and services company with $5.8 billion Canadian dollars
in assets. Electricity is Emera's core business. Approximately 94%
of Emera's revenues are earned by Nova Scotia Power Inc (NSPI),
Bangor Hydro Electric Company (BHE) and the Brunswick Pipeline.
NSPI and BHE are wholly-owned regulated electric utilities which
together serve 603,000 customers. The Brunswick Pipeline is a 145
km gas pipeline in New Brunswick. Emera also owns Maine and
Maritimes Corporation, the parent company of Maine Public Service
Company, a regulated electric utility serving approximately 36,000
electricity customers in Northern Maine, and MAM Services Group. In
the Caribbean, Emera owns 19% of St. Lucia Electricity Services
Limited, which serves more than 50,000 customers on the island of
St. Lucia; 80.4% of Grand Bahama Power Company which serves 19,000
customers on the island of Grand Bahama; and 38% of Light &
Power Holdings which serves 120,000 customers on the island of
Barbados through its regulated electric utility The Barbados Light
and Power Company. As well, Emera owns 8.2% of Algonquin Power
& Utilities Corp. and 50% of Calpeco which serves 47,000
customers in California. In addition to its electric utility
investments, Emera owns Bayside Power, a 260 MW gas-fired power
plant in Saint John, New Brunswick; Emera Energy Services, a
physical natural gas and power marketing and asset management
business; a joint venture interest in Bear Swamp, a 600 megawatt
pumped storage hydro-electric facility in northern Massachusetts; a
12.9% interest in the Maritimes & Northeast Pipeline; and an
8.2% interest in Open Hydro. Visit Emera on the web at
www.emera.com. Emera - Investor Relations: Jennifer Nicholson, CA,
Senior Director, Stakeholder Relations, (902) 428-6347; Emera -
Media Relations: Sasha Irving, Corporation Communications, (902)
428-6685
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