Emera trio not in on talks
Three Emera employees who sit on the board of directors of Light & Power Holdings (L&PH) recused themselves from discussions on the Emera offer to shareholders.
This was pointed out yesterday by managing director Peter Williams who said the three did not take part in any discussions on the matter that led to the decision by L&PH’s board to advise shareholders to accept the Canadian company’s offer of $25.70.
Citing the directors’ circular relating to the Emera offer and takeover bid, Williams said Wayne Crawley, Chris Huskilson and Raymond Robinson – all employees of Emera – did not participate in or contribute to the recommendation of the board.
Emera holds 38 per cent of the shares in L&PH and is seeking 100 per cent ownership of the island’s lone electricity company.
As a result of its shareholding, Emera has three representatives on the L&PH board.
The Emera offer to L&PH shareholders expires at 5 p.m. on Monday. (GE)