HALIFAX, Nova Scotia--(BUSINESS WIRE)--
Today, the Government of Nova Scotia introduced amendments to the NS
Power Privatization Act (1992) and the NS Power Reorganization Act
(1998) regarding share ownership of Emera Inc.
These amendments remove the current restriction preventing non-Canadian
residents from holding more than 25 per cent of Emera voting shares. The
legislation retains the existing restriction of any one
shareholder holding more than 15 per cent of voting shares and
reinforces Emera’s existing commitment to maintain its head office in
Nova Scotia.
"We are pleased that the Government of Nova Scotia is showing foresight
and leadership in fostering continued economic growth in the province,”
says Scott Balfour, Emera's President and CEO. “The proposed update to
the legislation gives Emera more funding flexibility and levels the
competitive playing field for us – allowing Emera to attract investment
capital and help facilitate the same opportunities for our growth that’s
offered to industry players in other jurisdictions.”
Over the past 20 years, Emera has grown from a single utility into a $32
billion publicly traded North American energy leader from its base in
Nova Scotia. With 7500 employees serving 2.5 million customers in
Canada, the U.S. and the Caribbean, Emera delivered revenues of $6.5
billion in 2018.
“We are incredibly proud to be headquartered in Nova Scotia and to be
part of the exciting growth that is happening in the province,” says
Balfour. “Nova Scotia is a great place to do business and Emera’s growth
to date is evidence of that.”
By introducing this legislation, the government of Nova Scotia is
recognizing Emera’s success and the value of its head office commitment
to Nova Scotia. Eliminating the shareholder restriction creates the
opportunity for even more growth and value to the province in the future.
Forward Looking Information
This news release contains
forward‐looking information within the meaning of applicable securities
laws. By its nature, forward‐looking information requires Emera to make
assumptions and is subject to inherent risks and uncertainties. These
statements reflect Emera management’s current beliefs and are based on
information currently available to Emera management. There is a risk
that predictions, forecasts, conclusions and projections that constitute
forward‐looking information will not prove to be accurate, that Emera’s
assumptions may not be correct and that actual results may differ
materially from such forward‐looking information. Additional detailed
information about these assumptions, risks and uncertainties is included
in Emera’s securities regulatory filings, including under the heading
“Enterprise Risk and Risk Management” in Emera’s annual Management’s
Discussion and Analysis, and under the heading “Principal Financial
Risks and Uncertainties” in the notes to Emera’s annual financial
statements, which can be found on SEDAR at www.sedar.com.
About Emera Inc.
Emera Inc. is a geographically diverse
energy and services company headquartered in Halifax, Nova Scotia, with
approximately $32 billion in assets and 2018 revenues of more than $6.5
billion. The company primarily invests in regulated electricity
generation and electricity and gas transmission and distribution with a
strategic focus on transformation from high carbon to low carbon energy
sources. Emera has investments throughout North America, and in four
Caribbean countries. Emera’s common and preferred shares are listed on
the Toronto Stock Exchange and trade respectively under the symbol EMA,
EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H.
Depositary receipts representing common shares of Emera are listed on
the Barbados Stock Exchange under the symbol EMABDR and on The BahamasInternational Securities Exchange under the symbol EMAB. Additional
Information can be accessed at www.emera.com
or at www.sedar.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190403005700/en/
Emera Inc.
Investor Relations:
Erin Power
902.428.6760
Or
Media:
Jeff Myrick
902-428-7172
Source: Emera Inc.