Transaction Details - Fortis Inc's subsidiary, Fortis Energy Caribbean Inc (FECI), has agreed to provide a standby commitment for a rights offering by Caribbean Utilities Company, Ltd (CUC) [1] - CUC will issue up to 3,822,298 Class A Ordinary Shares, representing 10% of its currently issued and outstanding shares [1] - FECI will acquire a minimum of 2,220,422 CUC Shares at US$13.41 per share, totaling US$29,775,859.02 [1] - FECI may acquire up to 1,601,876 additional CUC Shares at the same price, potentially totaling 3,822,298 shares for US$51,257,016.18 [2] - The consideration in Canadian dollars is C$18.19 per share or C$69,527,600.62 if there are no other subscribers [2] Ownership Impact - Prior to the rights offering, Fortis indirectly owned 22,204,229 CUC Shares, representing approximately 58% of CUC Shares [3] - Post-closing, Fortis will own approximately 58% of CUC Shares if fully subscribed, or approximately 62% if there are no other subscribers [3] Purpose of the Rights Offering - The rights offering aims to provide CUC with capital for alternative energy projects, upgrades to generation, transmission, and distribution systems, and general corporate purposes [4] Fortis Overview - Fortis is a diversified leader in the North American regulated electric and gas utility industry with 2023 revenue of $12 billion and total assets of $69 billion as of June 30, 2024 [7] - The company serves utility customers in five Canadian provinces, ten U S states, and three Caribbean countries [7] Additional Information - Fortis will file an early warning report in accordance with applicable securities laws [6] - The company's head office is located in St John's, Newfoundland and Labrador, while CUC's head office is in Grand Cayman, Cayman Islands [8]

ST. JOHN'S, Newfoundland and Labrador, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Not for distribution to U.S. news wire services or dissemination in the United States. This news release constitutes a "designated news release" for the purposes of the Corporation's prospectus supplement dated September 19, 2023 to its short form base shelf prospectus dated November 21, 2022. Fortis Inc. ("Fortis" or the "Corporation") (TSX: FTS) announced today that it has closed its offering by private placement (the "Offering"), p ...

fcafotodigital Co-authored with Hidden Opportunities From a market price standpoint, defensive sectors like REITs, utilities and telecom have been hit particularly hard as we went through a record pace of interest rate increases. However, due to their defensive nature, the underlying companies demonstrated strong execution, maintained their profitability, and predictably generated free cash flows, but failed to secure better valuations due to the perception of struggle amidst higher borrowing costs. This is ...

Not for distribution to U.S. news wire services or dissemination in the United States. This news release constitutes a "designated news release" for the purposes of the Corporation's prospectus supplement dated September 19, 2023 to its short form base shelf prospectus dated November 21, 2022. ST. JOHN'S, Newfoundland and Labrador, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX: FTS) announced today that it has priced an offering by private placement (the "Offering"), pu ...

In 2023, the S&P 500 reached new highs, despite plenty of headwinds and geopolitical tensions providing downside pressure. Such events impacted global markets, but the U.S. index has stood strong, making new highs this year. Defensive stocks in various sectors like technology, health, and food and beverage, have provided steady dividends and cash flows. Indeed, many investors have increasingly focused on such stocks, as valuations across the board have increased. Investing in defensive dividend stocks is pa ...

Fortis, Inc. (NYSE:FTS) Q2 2024 Earnings Conference Call July 31, 2024 8:30 AM ET Company Participants Stephanie Amaimo - Vice President of Investor Relations David Hutchens - President and Chief Executive Officer Jocelyn Perry - Executive Vice President and Chief Financial Officer Linda Apsey - Chief Executive Officer, ITC Holdings Corp. Susan Gray - President and Chief Executive Officer, UNS Energy Corporation Conference Call Participants Maurice Choy - RBC Capital Markets Rob Hope - Scotia Capital Mark J ...

This quarterly report represents an earnings surprise of 4.26%. A quarter ago, it was expected that this electric and gas utility would post earnings of $0.65 per share when it actually produced earnings of $0.69, delivering a surprise of 6.15%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. While Fortis has underperformed the market so far this year, the qu ...

ST. JOHN'S, Newfoundland and Labrador, July 31, 2024 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS), a well-diversified leader in the North American regulated electric and gas utility industry, released its second quarter results1 and 2024 Sustainability Report. This news release constitutes a "Designated News Release" incorporated by reference in the prospectus supplement dated September 19, 2023 to Fortis' short form base shelf prospectus dated November 21, 2022. Second qu ...

ST. JOHN'S, Newfoundland and Labrador, July 30, 2024 (GLOBE NEWSWIRE) -- Investor Enquiries Ms. Stephanie Amaimo Vice President, Investor Relations Fortis Inc. 248.946.3572 investorrelations@fortisinc.com Media Enquiries Ms. Karen McCarthy Vice President, Communications & Government Relations Fortis Inc. 709.737.5323 media@fortisinc.com This news release constitutes a "Designated News Release" incorporated by reference in the prospectus supplement dated September 19, 2023 to Fortis' short form base shelf pr ...

ST. JOHN'S, Newfoundland and Labrador, July 23, 2024 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) will release its second quarter 2024 financial results on Wednesday, July 31, 2024. A teleconference and webcast will be held the same day at 8:30 a.m. (Eastern). David Hutchens, President and Chief Executive Officer and Jocelyn Perry, Executive Vice President and Chief Financial Officer will discuss the Corporation's second quarter financial results. Investor Enquiries: Ms. S ...