Emera secures control of Barbados power company

BRIDGETOWN, Barbados, Thursday January 27, 2011 – It failed to get all the outstanding shares of Barbados’ lone power company it was looking for, but Canadian power company Emera still managed to more than double its shareholding and get controlling interest.

When its offer of BDS$25.70 (US$12.85) per share expired on Monday evening, Emera had secured 41.43 percent additional investment in Light and Power Holdings (LPH), the parent company of the sole electric utility operator on the island, Barbados Light & Power Company Limited.

“If the tender and acceptance of all shares is confirmed by the Barbados Stock Exchange as valid, this will increase Emera’s ownership in LPH to 79.74 per cent,” Emera said in a statement.

The company will pay out BDS$183.2 million (US$91.6 million) for the 7,129,269 shares deposited.

Emera says payments will be made to shareholders by next Monday.

The remaining shares in LPH are primarily held by 1,700 Barbadian shareholder accounts, including the country’s National Insurance Board.

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