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The principal business activity of ICD Utilities Limited (“ICDU”) is to act as a holding company for the purpose of ownership of a 50% interest in Grand Bahama Power Company Limited (“GBPC”). In previous years, ICDU has mailed a copy of the Annual Report to its Shareholders. The ICDU Annual Report is now available online and replaces the mailing of physical copies of the Annual Report to all Shareholders. A pdf version of the 2016 Annual Report is available for download by clicking on the following site: http://www.gb-power.com/site/media/gb-power/ICDU%202016%20Annual%20Report.pdf. Should you require a printed copy of the Annual Report, you may obtain one free of charge by contacting our Registrar and Transfer Agent, Bahamas Central Securities Depository, or by visiting the office of GBPC.
ICD Utilities Limited (“ICDU”) has entered into a definitive agreement with Emera Utilities Holdings Ltd. (“EUHL”), a wholly owned indirect subsidiary of Emera Incorporated (“Emera”) which currently indirectly owns a 60.74% controlling interest in ICDU, pursuant to which Emera would indirectly acquire all of the common shares of ICDU that it does not own (the “Transaction”).
About ICD Utilities Limited
ICD Utilities Limited controls 50% of Grand Bahama Power Company Limited, a vertically-integrated utility and the sole provider of electricity on Grand Bahama Island in The Bahamas with approximately CAD $0.4 billion of assets. GBPC serves approximately 19,000 customers, has a workforce of approximately 185 employees and is regulated by The Grand Bahama Port Authority ("GBPA"). The GBPA has granted GBPC a licensed, regulated and exclusive franchise to generate, transmit and distribute electricity on the island until 2054. GBPC’s approved regulated return on rate base is currently 8.8%. A fuel pass-through mechanism provides the opportunity to recover fuel costs in a timely manner.
About Emera (Caribbean) Incorporated
Emera (Caribbean) Incorporated ("ECI") is an energy and services company based in Barbados, West Indies. The Company’s holdings include The Barbados Light & Power Co. Ltd. (wholly owned); Emera Caribbean Renewables Limited (wholly owned); a 51.91% interest in Dominica Electricity Services Limited; and a 19.1% interest in St. Lucia Electricity Services Limited. In alignment with Emera, ECI’s purpose is to meet the energy needs of its customers today, and provide solutions to power a sustainable future. ECI operates on a foundation of operational and service excellence that focuses on safety and health, stakeholder relationships, and investment in its people. Additional information can be accessed at www.emeracaribbean.com.
About Emera Incorporated
Emera Incorporated is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately CAD$29 billion in assets and 2016 revenues of more than CAD$4 billion. The company invests in electricity generation, transmission and distribution, gas transmission and distribution, and utility energy services with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera continues to target having 75-85% of its adjusted earnings come from rate-regulated businesses. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and EMA.PR.F. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR. Additional Information can be accessed at www.emera.com or at www.sedar.com.
For more information, please contact:
Shareholders looking for further information regarding the Transaction, please contact:
Anthony Ferguson or Nicolas Higgs
Colina Financial Advisors Limited
3rd Floor, 308 East Bay Street
Nassau, New Providence, The Bahamas
242-502-7010