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Emera Inc. gets the go ahead to acquire BL&P shares
THE way has been cleared for Emera Incorporated to go ahead with its offer to shareholders of Light and Power Holdings Limited.
Emera wants to acquire all issued and outstanding shares in Light and Power Holdings Limited at a cash price of Bds$25.70 a share.
In a press statement yesterday Emera said the offer was approved by the Barbados Securities Commission and
the Barbados Stock Exchange.
According to the release, Emera “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) has been approved by the Barbados Securities Commission and the Barbados Stock Exchange”.
Emera said the offer will open on December 20, 2010 and close 35 days later on January 24, 2011. The Offer and Circular will be sent to all Light & Power Holdings shareholders not less than 28 days prior to the close of the Offer.
At the current US dollar to Barbados dollar exchange rate, this offer is the same as the price Emera paid to Leucadia National Corporation when it acquired 38 per cent of Light & Power Holdings in May 2010.
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.
Emera Incorporated is an energy and services company with $5.8 billion Canadian dollars in assets. Electricity is
Emera’s core business. Approximately 94 per cent 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 19 per cent of St. Lucia Electricity Services Limited, which serves more than 50 000 customers on the Caribbean island of St. Lucia, 25 per cent of Grand Bahama Power Company which serves 19 000 customers on the Caribbean island of Grand Bahama and 38 per cent of Light & Power Holdings, which serves 120 000 customers on the Caribbean island of Barbados through its regulated electric utility, The Barbados Light and Power Company. 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 per cent interest in the Maritimes & Northeast Pipeline; and an 8.2 per cent interest in Open Hydro. (JB)