Business
Capital Power and EPCOR announce the closing of $201.6 Million Secondary Offering of Common Shares
/NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES / ...
About this update from Capital Power Corporation
[{"type":"text","content":"\n\n\n/NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n THE UNITED STATES/\n\n\nEDMONTON, Oct. 10, 2013 /CNW/ - Capital Power Corporation (TSX: CPX)\n (\"Capital Power\") and EPCOR Utilities Inc. (\"EPCOR\") announced today\n the closing of the previously announced offering of 9,600,000 common\n shares of Capital Power at a price of $21.00 per common share for\n aggregate gross proceeds to EPCOR of $201,600,000. The underwriting\n syndicate for the offering was co-led by RBC Capital Markets, CIBC and\n Scotiabank as bookrunners. The underwriters maintain an over-allotment\n option to purchase up to an additional 1,440,000 common shares at\n $21.00 per common share, exercisable in whole or in part at any time up\n to 30 days after today's closing.\n\n\nFollowing today's closing, EPCOR indirectly owns approximately 19% of\n the common shares of Capital Power. EPCOR plans to eventually sell all\n or a substantial portion of its remaining interest in Capital Power\n subject to market conditions, its requirements for capital and other\n circumstances that may arise in the future.\n\n\nBecause EPCOR's ownership interest is below 20% following today's\n closing, EPCOR now has the right to nominate and elect only two\n representatives to Capital Power's Board of Directors.  Accordingly,\n Messrs. Robert Phillips and Donald Lowry voluntarily tendered their\n resignations.  The Board then resolved to reappoint Mr. Lowry to\n continue serving as a director and as the Chair of Capital Power's\n Board until the Corporation's next annual meeting of shareholders in\n April, 2014.  Mr. Lowry will continue to recuse himself from any board\n decisions regarding business between Capital Power and EPCOR until the\n Board is satisfied that there has been an appropriate cooling off\n period.\n\n\n\"On behalf of the Board of Directors and the Company, I would like to\n thank Bob Phillips for his contributions as Board member over the past\n 4 years\", said Brian Vaasjo, President and CEO of Capital Power.  \"He\n played a large part in Capital Power's transition to a publicly traded\n company and its current strategy and direction.\"\n\n\nAdditional information on EPCOR's special voting shares, governance at\n Capital Power, and Board of Director profiles are disclosed in Capital\n Power's 2013 Management Prox...