Jun. 9, 2010 (Canada NewsWire Group) -- Algonquin Power & Utilities Corp. ("APUC") today announced that its Directors have adopted a Shareholder Rights Plan (the "Rights Plan").
The Rights Plan was adopted by the Directors on
The Rights Plan is subject to regulatory approval and is subject to approval by shareholders at APUC's annual and special meeting of shareholders, which will be held in Oakville on
APUC is not adopting the Rights Plan in response to any specific proposal to acquire control of APUC. The Rights Plan is similar to plans adopted by other Canadian companies and approved by their shareholders.
The Rights Plan is not intended to prevent take-over bids, but to ensure their proper evaluation. Under the Rights Plan, those bids that meet certain requirements intended to protect the interests of all shareholders are deemed to be "Permitted Bids". Permitted Bids must be made by way of a take-over bid circular prepared in compliance with applicable securities laws and remain open for not less than sixty days.
Under the Rights Plan, Rights have been issued and attached to all shares of APUC issued and outstanding as of the close of business on
In the event a take-over bid does not meet the Permitted Bid requirements of the Rights Plan, the Rights will entitle shareholders, other than any shareholder or shareholders making the take-over bid, to purchase additional shares in APUC at a substantial discount to the market value at the time.
ABOUT ALGONQUIN POWER & UTILITIES CORP.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of approximately
CAUTION REGARDING FORWARD LOOKING INFORMATION
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include including those set out in the management's discussion and analysis section of APUC's 2009 annual report and APUC's Annual Information Form dated