Order UE92-02 - UE21308 - Maritime Electric - Consumer & Employees Share Purchase Plans (May 21, 1992)

File UE21308
Order UE92-2

IN THE MATTER of an application by Maritime Electric Company, Limited for approval of the Issue of Additional Shares under the Consumer Share Purchase Plan and Employee Share Purchase Plan.

BEFORE THE COMMISSION

on Thursday, the 21st day of May, 1992.

Linda Webber, Chairman
John L. Blakney, Vice-Chairman

Order

UPON the application of Maritime Electric Company, Limited (the "Company") for approval of the issue and sale of:

an additional 60,000 common shares to be sold under the Maritime Electric Consumer Share Purchase Plan; and

an additional 30,000 common shares to be sold under the Maritime Electric Employee Share Purchase Plan.

AND UPON it appearing to the Commission that increases in the authorized allotments of common shares in the Employee and Consumer Share Purchase Plans are within the best interests of the Company and its customers;

AND UPON it further appearing to the Commission that a review of the long term costs and benefits and of the plans as well as a review of the strategies used to encourage additional investment in the common shares of the Company by residents of Prince Edward Island should be conducted;

NOW THEREFORE, pursuant to Section 12 of the Electric Power and Telephone Act;

IT IS ORDERED THAT:

1. Approval is granted to the Company for an additional allotment, in the reduced amount, of:

30,000 common shares under the Consumer Share Purchase Plan; and

15,000 common shares under the Employee Share Purchase Plan.

2. Approval is conditional upon the filing, prior to issue, of an opinion of Counsel for the Company confirming that the securities legislation in jurisdictions in which the securities are to be sold has been complied with or that no complaince is required;

3. The Company shall prepare a report on the options available to encourage additional investment in common shares of the Company by residents of Prince Edward Edward;

4. The contents of the report under paragraph 3 shall include, but not be limited to, a summary of the programs offered by other public companies, identification and analysis of options open to the Company and an implementation plan for the programs in future years; and

5. Ten copies of the report under paragraph 3 shall be filed with the Commission by December 31, 1992.

DATED at Charlottetown, Prince Edward Island, this 21st day of May, 1992.

BY THE COMMISSION:

Linda Webber, Chairman

John L. Blakney, Vice-Chairman