Docket UE21302
Order UE93-15IN THE MATTER of an application of Maritime Electric Company, Limited for approval of the purchase for cancellation of all or any number of its Series D Preferred Shares.
BEFORE THE COMMISSION
on Thursday, the 12th day of August, 1993.
Linda Webber, Chair
Deborah MacLellan, Commissioner
Myrtle Jenkins-Smith, Commissioner
Order
WHEREAS the Public Utilities Commission, by Order No. E890519 dated May 19, 1989, approved the issue and sale of 25 Series D Preferred Shares in the capital stock of Maritime Electric Company, Limited (the "Company") for a consideration of $200,000 each at a dividend of 8 1/4 % per annum for an initial period terminating on June 30, 1994;
AND WHEREAS the Company has, by its counsel, applied for approval of the purchase for cancellation of all or any number of its Series D Preferred Shares at a price of $170,000 per share;
AND WHEREAS the letter of application and the supporting documents included with it have been considered by the Commission;
AND WHEREAS it appears to the Commission that the proposed purchase will result in savings to the customers of the Company;
NOW THEREFORE, pursuant to pursuant to s. 12(4)(a) of the Electric Power and Telephone Act;
IT IS ORDERED THAT
1. Approval is hereby given to the purchase for cancellation by the Company of all or any of its Series D Preferred Shares at a price not to exceed $170,000 per share;
2. When the transaction contemplated by this Order is finalized, the Company shall report to the Commission in writing indicating the number of shares purchased and the price; and
3. Nothing in this Order shall be construed as relieving the Company from also complying with any corporate, securities or other applicable law that applies to the transaction.
DATED at Charlottetown, Prince Edward Island, this 12th day of August, 1993.
BY THE COMMISSION:
Linda Webber, Chair
Deborah MacLellan, Commissioner
Myrtle Jenkins-Smith, Commissioner
