Emera Inc. says it has exchanged certain previously acquired subscription receipts into 12 million common shares of Algonquin Power & Utilities Corp. at a price of C$5 per common share.
The subscription receipts were acquired on March 25, 2011, in connection with the previous announcement by Algonquin that Liberty Energy Utilities Co. - Algonquin's regulated utility subsidiary - had entered into agreements to acquire all issued and outstanding shares of Granite State Electric Co. and Energy North Natural Gas Inc. from National Grid USA for US$285 million.
Algonquin will use the proceeds from the subscription receipt conversion to partially fund this acquisition, which is expected to be completed during this quarter.
In addition to the 12 million common shares acquired, Emera owns 8.523 million previously acquired common shares of Algonquin, representing a current ownership position of 20.523 million common shares, or approximately 13% of Algonquin's issued and outstanding shares.
