ATCO Ltd. and Canadian Utilities Limited Announce Internal Transfer of ATCO Resources Ltd.
15 Novembre 2010 - 2:30PM
Marketwired
ATCO Ltd. (TSX: ACO.X) (TSX: ACO.Y) and its subsidiary, Canadian
Utilities Limited (TSX: CU) (TSX: CU.X), today announced that their
Boards of Directors have approved the transfer of ATCO Ltd.'s
wholly-owned subsidiary, ATCO Resources Ltd., from ATCO Ltd. to
ATCO Power Ltd., a wholly-owned subsidiary of Canadian Utilities
Limited.
ATCO Resources Ltd. and ATCO Power Ltd. are jointly involved in
ten power generating plants in Canada, of which ATCO Resources'
interest is 229 MW. The value of the common shares of ATCO
Resources, net of its existing debt obligations, is $82.5 million,
as estimated by an independent financial advisor and supported by
management.
ATCO Ltd. will transfer the common shares of ATCO Resources to
Canadian Utilities Limited, in exchange for newly issued Class A
non-voting shares and Class B voting shares of Canadian Utilities
Limited, having a value of $82.5 million. Based upon current market
prices, it is estimated that ATCO's ownership of Canadian Utilities
Limited's Class B voting shares will increase from 81.7% to 82%,
and ATCO's overall ownership of Canadian Utilities Limited will
increase from 52.2% to approximately 52.8% as a result of the
transaction.
The transfer allows the ATCO Group to further align its
ownership of all of its power generation activities under ATCO
Power Ltd. This will simplify its ownership structure and reduce
administrative efforts.
The transaction is expected to be completed on or about January
1, 2011, pending the receipt of all necessary approvals, including
Toronto Stock Exchange approval, those from lenders and other third
parties.
Alberta-based ATCO Ltd., with more than 7,500 employees and
assets of approximately $10 billion, delivers service excellence
and innovative business solutions worldwide with leading companies
engaged in Utilities (pipelines, natural gas and electricity
transmission and distribution), Energy (power generation, natural
gas gathering, processing, storage and liquids extraction),
Structures & Logistics (manufacturing, logistics and noise
abatement) and Technologies (business systems solutions). More
information can be found at www.atco.com.
Forward-Looking Information:
Certain statements contained in this news release may constitute
forward-looking information. Forward-looking information is often,
but not always, identified by the use of words such as
"anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", and similar expressions. Forward-looking
information involves known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
information. The Corporation believes that the expectations
reflected in the forward-looking information are reasonable, but no
assurance can be given that these expectations will prove to be
correct and such forward-looking information should not be unduly
relied upon. Any forward-looking information contained in this news
release represents the Corporation's expectations as of the date
hereof, and is subject to change after such date. The Corporation
disclaims any intention or obligation to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required by applicable
securities legislation.
Contacts: ATCO Ltd. B.R. (Brian) Bale Senior Vice President
& Chief Financial Officer (403) 292-7502 www.atco.com
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