ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Jun 20, 2013) - Fortis Inc. ("Fortis" or the "Corporation") (FTS.TO) announced today that the holders of its outstanding subscription receipts (the "Subscription Receipts") have approved the extension of the deadline for exchanging the Subscription Receipts from 5:00 p.m. (Toronto time) on June 30, 2013 until 5:00 p.m. (Toronto time) on August 30, 2013.
The extended deadline was approved by extraordinary resolution at a meeting of the holders of Subscription Receipts held today, with 99.98% of the holders of Subscription Receipts present in person or represented by proxy at the meeting voting in favour of such extension. The subscription receipt agreement dated as of June 27, 2012 (the "Subscription Receipt Agreement"), which governs the terms of the Subscription Receipts, was also amended today to reflect the extended deadline.
The Subscription Receipts were issued by Fortis to partially finance its acquisition (the "Acquisition") of CH Energy Group, Inc. ("CH Energy"), an energy delivery company headquartered in Poughkeepsie, New York. As previously announced, the New York State Public Service Commission (the "NYSPSC") recently, in a unanimous vote, approved the Acquisition. The NYSPSC is expected to issue its official written order approving the Acquisition the week of June 23, 2013. Closing of the Acquisition is expected to occur shortly after receipt, review and acceptance of the official written order.
Further information regarding the Acquisition and the Subscription Receipts, including copies of the Subscription Receipt Agreement, as amended, and the materials sent to the holders of Subscription Receipts in connection with today's meeting, is available under the Corporation's issuer profile at www.sedar.com.
Fortis is the largest investor-owned distribution utility in Canada, with total assets of more than $15 billion and fiscal 2012 revenue totaling approximately $3.7 billion. The Corporation serves more than 2 million gas and electricity customers. Its regulated holdings include electric distribution utilities in five Canadian provinces and two Caribbean countries and a natural gas utility in British Columbia, Canada. Fortis owns and operates non-regulated generation assets in Canada, Belize and Upstate New York. The Corporation also owns hotels across Canada and commercial office and retail space primarily in Atlantic Canada. Additional information can be accessed at www.fortisinc.com or under Fortis' issuer profile at www.sedar.com.
Forward Looking Information
Fortis includes forward-looking information in this press release within the meaning of applicable securities laws in Canada ("forward-looking information"). The purpose of the forward-looking information is to provide management's expectations regarding the completion of the Acquisition, the satisfaction of the release conditions applicable to the Subscription Receipts and the expected timing and benefits thereof, the Corporation's future growth, results of operations, performance, business prospects and opportunities, and it may not be appropriate for other purposes. All forward-looking information is given pursuant to the safe harbour provisions of applicable Canadian securities legislation. The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information reflects management's current beliefs and is based on assumptions developed using information currently available to the Corporation's management. Although Fortis believes that the forward-looking statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties. For additional information on risk factors that have the potential to affect the Corporation, reference should be made to the Corporation's continuous disclosure materials filed regularly with Canadian securities regulatory authorities and to the heading "Business Risk Management" in the Corporation's annual and quarterly Management Discussion and Analysis. Except as required by law, the Corporation undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.
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Vice President, Finance and Chief Financial Officer