HALIFAX, Nova Scotia--(BUSINESS WIRE)--Emera Inc. (TSX: EMA) announced today that it has exchanged certain previously acquired subscription receipts into 11.263 million common shares of Algonquin Power & Utilities Corp. (“Algonquin”) (TSX: AQN).
The subscription receipts were issued in three tranches, in connection with two separate transactions. The first tranche, consisting of 3.421 million subscription receipts exchangeable at a price of C$4.72 per common share, was acquired in connection with the previously announced sale to Algonquin of the 49.999% interest held by Emera in California Pacific Electric Company, LLC. This tranche was exchanged on February 14, 2013. The second and third tranches, consisting of 2.614 million and 5.228 million subscription receipts for an aggregate of 7.842 million subscription receipts, all of which are exchangeable at a price of C$5.74 per common share, were acquired in connection with the previously announced acquisition by Algonquin’s power generation subsidiary of a 51% interest in a 480 MW U.S. wind power portfolio. The tranche consisting of 2.614 million subscription receipts was exchanged on February 6, 2013 and the remaining tranche was exercised on February 14, 2013.
In addition to the 11.263 million common shares acquired on exchange of the three tranches, Emera owns 34.904 million previously acquired common shares of Algonquin, representing a current ownership position of 46.167 million common shares, or approximately 23.0% of Algonquin’s issued and outstanding shares.
The common shares acquired today have been acquired for investment purposes only. Emera has no intention of acquiring control of Algonquin. Depending upon relevant economic, market or business conditions prevailing from time to time, Emera may determine to acquire or to dispose of common shares of Algonquin in TSX traded or privately negotiated transactions or otherwise. Under certain agreements previously entered into with Algonquin, Emera has agreed not to acquire any additional securities of Algonquin except in accordance with such agreements. These agreements also contain certain restrictions on the voting and transfer of common shares held by Emera.
Forward Looking Information
This news release contains forward looking information. Actual future results may differ materially. Additional information related to Emera, including the company’s Annual Information Form, can be found on SEDAR at www.sedar.com or on EDGAR at www.sec.gov.
Emera Inc. is an energy and services company with $7.53 billion in assets and 2012 revenues of $2.1 billion. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera has investments throughout northeastern North America, and in three Caribbean countries. More than 80% of the company's earnings come from regulated investments. Emera common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A., and EMA.PR.C. Additional information can be accessed at www.emera.com or at www.sedar.com.