HALIFAX, Dec. 20 /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) has
been approved by the Barbados Securities Commission and the Barbados
Stock Exchange.
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 U.S. dollar to Barbados dollar exchange rate, this offer
is the same as the price Emera paid to Leucadia National Corporation
when it acquired 38% 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.
About Emera
Emera Inc. (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 19%
of St. Lucia Electricity Services Limited, which serves more than
50,000 customers on the Caribbean island of St. Lucia, 25% of Grand
Bahama Power Company which serves 19,000 customers on the Caribbean
island of Grand Bahama and 38% 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% interest in the Maritimes & Northeast Pipeline;
and an 8.2% interest in Open Hydro.
Contact:
Emera - Investor Relations:
Jenifer Nicholson, CA
Senior Director, Stakeholder Relations
(902) 428-6347 | | | Emera - Media Relations:
Sasha Irving
Corporation Communications
(902) 428-6685 |
| Visit Emera on the web atwww.emera.com |