Northland Power Holdings Inc.: News Release
TORONTO, ONTARIO -- (Marketwire) -- 03/04/13 -- James C. Temerty,
Chair of Northland Power Inc. (TSX:NPI) ("Northland"), 30 St. Clair
Avenue West, Suite 1700, Toronto, Ontario M4V 3A2 announced today
that Northland Power Holdings Inc. ("NPHI"), a corporation
wholly-owned by him, has converted 28,851,868 Class A Shares of
Northland into an equivalent number of Common Shares of Northland.
These Common Shares represent approximately 24.9% of the Common
Shares outstanding after the conversion.
After giving effect to this conversion, Mr. Temerty beneficially owns
or has control or direction over 34,614,466 Common Shares
(representing approximately 29.9% of the outstanding Common Shares)
and 1,000,000 Class A Shares, 8,067,723 Class B Convertible Shares
and 4,289,808 Class C Convertible Shares (in each case representing
100% of the shares of that class). If the conditions for the
conversion of the Class B Convertible Shares and Class C Convertible
Shares into Class A Shares were satisfied and all of the Class A
Shares were converted into Common Shares, Mr. Temerty would
beneficially own or have control or direction over approximately
37.2% of the then outstanding Common Shares.
Of such shares, 33,737,145 Common Shares and all of the Class A
Shares, Class B Convertible Shares and Class C Convertible Shares
(representing approximately 36.5% of the outstanding Common Shares if
all shares are converted) are beneficially owned by Mr. Temerty. Mr.
Temerty may be considered to have control or direction over the
balance of the Common Shares described above.
Mr. Temerty and, to his knowledge, the other owners of shares
described in this news release, have no plans to dispose of any
shares of NPI, except that NPHI may donate a number of the Common
Shares to the Temerty Family Foundation, a charitable foundation of
which he and other family members are directors. NPHI, Mr. Temerty's
wife and one of his daughters expect to continue to participate in
Northland's dividend reinvestment plan, thereby acquiring ownership
of more Common Shares of Northland.
"The conversion of most of my Class A Shares into Common Shares is
being done in part to allow me to donate some of my shares to the
Temerty Family Foundation," Mr. Temerty said. "It has the added
benefit of making the share structure simpler and clearer to the
market. I have great confidence in Northland and I remain fully
committed to my investment in Northland."
Northland Power Holdings Inc.
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