HALIFAX,
Nova Scotia, Jan. 25, 2011 -- Emera Inc. ("Emera" -
Toronto Stock Exchange listing "EMA") wishes to advise all shareholders
of Light & Power Holdings Ltd. ("Light & Power Holdings" -
Barbados Stock Exchange listing: "LPH") that the offer to purchase all
issued and outstanding common shares in Light & Power Holdings at a
cash price per share of BB$25.70 (twenty five Barbados dollars and
seventy Barbados cents) closed as of 5 pm on January 24, 2011.
7,129,269
shares of LPH were deposited in response to the offer and Emera
announced today that it will purchase all deposited shares. If the
tender and acceptance of all shares is confirmed by the Barbados Stock
Exchange as valid, this will increase Emera's ownership in LPH to 79.74
per cent.
This
41.43 per cent additional investment will make Emera the majority
shareholder in LPH. The remaining shares of LPH are primarily held by
1,700 Barbadian shareholder accounts, including the National Insurance
Board of Barbados.
Payments
for deposited shares will be made to shareholders by January 31, 2011.
The transaction is expected to close in the first quarter.
Light
& Power Holdings is the parent company of The Barbados Light &
Power Company Limited ("BLPC"). BLPC is the sole electric utility
operator on the island of Barbados, serving 120,000 customers. BLPC has
three power generation stations consisting of 239 MW of installed
capacity.