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.
About Emera
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.
Emera Inc.
Jill MacDonald, CA, 902-428-6486
Manager, Investor
Relations
or
Sasha Irving, 902-229-5104
Director,
Corporate Communications
Source: Emera Inc.