Ms. Donna Hynes reports
FORTIS INC. ACQUIRES ADDITIONAL SHARES OF CARIBBEAN UTILITIES
Fortis Inc. has acquired, through its wholly owned subsidiary Fortis Energy (Bermuda) Ltd., an aggregate of 2,169,682 or approximately 6.7 per cent of the Class A ordinary shares of Caribbean Utilities Company Ltd. at a price of $10.77 (U.S.) per share. The 2,169,682 Caribbean Utilities shares purchased by Fortis were purchased in two related transactions: 1,729,064 Caribbean Utilities shares were acquired pursuant to FEBL's proportionate right to subscribe for Caribbean Utilities shares under the rights offering by Caribbean Utilities that expired on April 30, 2015; and the remaining 440,618 Caribbean Utilities shares were acquired pursuant to the standby purchase commitment of FEBL made in connection with the rights offering.
As a result of the acquisitions by FEBL of Caribbean Utilities shares under the rights offering, Fortis now indirectly owns 19,460,326 Caribbean Utilities shares, increasing its ownership position from approximately 58.9 per cent, based on the number of Caribbean Utilities shares outstanding prior to the rights offering, to approximately 60.4 per cent of the outstanding Caribbean Utilities shares, based on the number of Caribbean Utilities shares outstanding following the rights offering.
The purpose of the acquisition of the Caribbean Utilities shares by Fortis under the rights offering was to assist Caribbean Utilities with raising the capital required to finance the construction of an additional 39.7 megawatts of generation capacity, which Caribbean Utilities was awarded the right to build by the Cayman Islands Electricity Regulatory Authority.
Fortis will review its holdings in Caribbean Utilities shares from time to time and may acquire additional securities or dispose of securities of Caribbean Utilities, in either case, in the open market, by private agreement or otherwise, depending on numerous factors, including without limitation, the availability of securities of Caribbean Utilities, economic conditions, market conditions, and other business and investment opportunities available to Fortis.
We seek Safe Harbor.
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