Connecticut Water Service, Inc. (“CTWS” or “the Company”) (Nasdaq:
CTWS) announced that CTWS shareholders approved all of the
company’s proposals at the annual meeting of shareholders held
today in Madison, Connecticut. In particular, shareholders elected
all of the board’s director nominees, ratified Baker Tilly Virchow
Krause LLP as the Company’s independent auditors for 2019, and
approved an advisory resolution regarding executive compensation.
Elected to the board were Heather Hunt, David C. Benoit, and
Kristen A. Johnson. Ms. Hunt is an attorney and executive director
of the New England States Committee on Electricity and previously
served as director of state and local government affairs at United
Technologies. Mr. Benoit is the president and CEO of the Company.
Ms. Johnson is the vice president of human resources and corporate
secretary of the Company. As employee directors of the Company, Mr.
Benoit and Ms. Johnson do not serve on committees of the board, do
not participate in any executive sessions of the independent
directors, and are not compensated for their board service. The new
director terms of Ms. Hunt, Mr. Benoit, and Ms. Johnson will expire
in 2022.
At the annual meeting, Mr. Benoit and Robert J. Doffek, CFO,
treasurer and controller, addressed shareholders and discussed
CTWS’s 2018 and Q1 2019 performance. They also discussed the
Company’s continuing long-term strategy to deliver solid financial
results by satisfying customers, maintaining CTWS as an employer of
choice, and being good stewards of the environment.
Management also provided an overview of the regulatory approval
process for the Company’s combination with SJW Group, which was
overwhelmingly approved by CTWS shareholders last fall.
DividendsThe Company also announced at the
meeting that the Company’s board of directors had approved an
increase of 4.8 percent in its annualized cash dividend, raising
the quarterly amount to $0.3275 per share of the
Company’s common stock, for an annual dividend of $1.31.
The slide presentation from the Annual Meeting of Shareholders
will be accessible at the Company’s website,
https://ir.ctwater.com, until June 9, 2019.
About Connecticut Water Service, Inc.
Connecticut Water Service, Inc., is a publicly traded holding
company headquartered in Clinton, Connecticut. CTWS is the parent
company of The Connecticut Water Company, The Maine Water Company,
The Avon Water Company, and The Heritage Village Water Company.
Together, these subsidiaries provide water service to more than
450,000 people in Connecticut and Maine, and wastewater service to
more than 10,000 people in Connecticut.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Some of these forward-looking statements can be
identified by the use of forward-looking words such as “believes,”
“expects,” “may,” “will,” “should,” “seeks,” “approximately,”
“intends,” “plans,” “estimates,” “projects,” “strategy,” or
“anticipates,” or the negative of those words or other comparable
terminology.
The accuracy of such statements is subject to a number of risks,
uncertainties and assumptions including, but not limited to, the
following factors: (1) the risk that the conditions to the closing
of the SJW Group transaction are not satisfied; (2) the risk that
the regulatory approvals required for the proposed transaction are
not obtained at all, or if obtained, on the terms expected or on
the anticipated schedule; (3) the risk that the California Public
Utilities Commission’s (CPUC) investigation may cause delays in or
otherwise adversely affect the proposed transaction and that SJW
Group may be required to consummate the proposed transaction prior
to the CPUC’s issuance of an order with respect to its
investigation; (4) the effect of water, utility, environmental and
other governmental policies and regulations; (5) litigation
relating to the proposed transaction; (6) the ability of each party
to meet expectations regarding timing, completion and accounting
and tax treatments of the proposed transaction; (7) the occurrence
of any event, change or other circumstance that could give rise to
the termination of the merger agreement between the parties to the
proposed transaction; (8) changes in demand for water and other
products and services; (9) unanticipated weather conditions; (10)
catastrophic events such as fires, earthquakes, explosions, floods,
ice storms, tornadoes, terrorist acts, physical attacks,
cyber-attacks, or other similar occurrences that could adversely
affect the facilities, operations, financial condition, results of
operations and reputation of CTWS; (11) risks that the proposed
transaction disrupts the current plans and operations of CTWS; (12)
potential difficulties in employee retention as a result of the
proposed transaction; (13) unexpected costs, charges or expenses
resulting from the proposed transaction; (14) the effect of the
announcement or pendency of the proposed transaction on business
relationships, operating results, and business generally,
including, without limitation, competitive responses to the
proposed transaction; (15) risks related to diverting management’s
attention from ongoing business operations of CTWS; and (16)
legislative and economic developments.
In addition, actual results are subject to other risks and
uncertainties that relate more broadly to CTWS’s overall business
and financial condition, including those more fully described in
its filings with the SEC, including, without limitation, its
Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2019. Forward-looking statements are not
guarantees of performance, and speak only as of the date made, and
neither CTWS nor its management undertakes any obligation to update
or revise any forward-looking statements except as required by
law.
News Media/Investor contact:
Daniel J. Meaney, APR
Director of Corporate Communication
Connecticut Water Service, Inc.
93 West Main Street
Clinton, CT 06413-1600
dmeaney@ctwater.com
(860) 664-6016
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