Emera Increases Investment in Algonquin Power & Utilities Corp.
HALIFAX, Nova Scotia -- February 14, 2013
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
Jill MacDonald, CA, 902-428-6486
Manager, Investor Relations
Sasha Irving, 902-229-5104
Director, Corporate Communications
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