For Immediate Release
|Title:||Emera Increases Investment in Light and Power Holdings to 79.74 Per Cent|
HALIFAX, Nova Scotia, Jan. 25, 2011 /PRNewswire/ — 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.
(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 .