Emera growing in the Caribbean
Emera Inc., the majority shareholder of ICD Utilities Limited(ICDU), which is listed on the Bahamas International Securities Exchange(BISX), recently closed an offer to purchase all issued and outstanding common shares in Barbados’Light and Power Holdings(LPH).
Emera, a Toronto Stock Exchange-listed company, announced the close of the offer as of 5 p.m. on January 24, 2011 in a press statement released yesterday. The offer was at a cash price of BB(Barbados dollars)$25.70 per share. Over seven thousand shares of LPH(7,129,269), which trades on the Barbados Stock Exchange, were deposited in response to the offer. Emera announced yesterday that it would purchase all the deposited shares.
Once the Barbados Stock Exchange confirms the tender and acceptances of all shares, the transfer will increase Emera’s ownership stake to 79.74 percent, making Emera the majority shareholder in LPH. The remaining shares are held by about 1700 Barbadian shareholder accounts, which include the National Insurance Board of Barbados.
The transaction is expected to close during the first quarter, and payments for deposited shares will be made to shareholders by January 31, 2011.
Light and Power Holdings is the parent company of the Barbados Light and Power Company Limited(BPLC). BPLC serves 120,000 customers and is the sole electric utility operator on Barbados. The company has three power generation stations with a combined installed capacity of 230 megawatts.