Emera Increases Investment in Barbados Light and Power Holdings to 79.74 Per Cent
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.