Docket UE21310
Order UE93-18IN THE MATTER of an application of Maritime Electric Company, Limited for approval of a stock option plan.
BEFORE THE COMMISSION
on Thursday, the 4th day of November, 1993.
Linda Webber, Chair
John L. Blakney, Vice-Chair
Order
WHEREAS Maritime Electric Company, Limited (the "Company") has applied to the Commission for approval of the issue and sale of up to 200,000 common shares pursuant to a proposed stock option plan filed herein on June 25, 1993;
AND WHEREAS the application and the supporting documents of the Company have been reviewed and considered by the Commission;
AND WHEREAS it appears to the Commission that the cost of the stock option plan would be borne primarily by the common shareholders of the Company and would have a limited impact on the revenue requirement of the Company;
AND WHEREAS it further appears to the Commission that approval of the proposed issue and sale of common shares under the terms of the stock option plan in an initial allotment of 100,000 common shares is sufficient to allow the Company to proceed with the plan and will permit a further review of the plan in a two-to-three year period;
NOW THEREFORE, pursuant to s. 12 of the Electric Power and Telephone Act;
IT IS ORDERED THAT
1. Approval is hereby given for the issue and sale of up to 100,000 of the Company's common shares pursuant to the stock option plan filed with the Commission;
2. The Company shall file annually with the Commission a summary of the number of options granted under the stock option plan; and
3. Nothing in this Order shall be construed as relieving the Company from also complying with any corporate, securities or other applicable law or stock exchange or other requirements that apply to the issue and sale of shares under the stock option plan.
DATED at Charlottetown, Prince Edward Island, this 4th day of November, 1993.
BY THE COMMISSION:
Linda Webber, Chair
John L. Blakney, Vice-Chair
