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CVPS pays Fortis $19.5 million to ‘break up’

first_imgCVPS to merge with GMPTue Jul 12 2011The leaders of Central Vermont Public Service Corporation (NYSE: CV) (CVPS) and Gaz Métro Limited Partnership (Gaz Métro) today announced that a definitive agreement for the sale of CVPS has been signed. This clears the path for the combination of CVPS and Green Mountain Power Corporation (GMP), a subsidiary of Gaz Métro, into one utility. by Kate Duffy,Vermont Business MagazineBreaking up is hard to do. Central Vermont Public Service will pay $19.5 million to Fortis Inc, a Canadian company that had sought to acquire the utility in a $700 million deal announced in late May. The deal dissolved when Gaz Metro, the Montreal-based parent company of Green Mountain Power, bested it with a $702 million offer to merge the two Vermont utilities.CVPS shareholders will receive $35.25 per share, a 45 percent premium over the closing price of $24.32 immediately before the Fortis deal was announced, and 15 cents higher than the $35.10 Fortis had offered for each share. Fortis declined to submit a counter offer. Instead, it will collect on a sort of corporate pre-nuptial agreement, receiving a $17.5 million ‘break-up fee’ and $2 million from CVPS to cover expenses associated with the failed acquisition.  ‘Under our contract, Fortis had the right to negotiate with us exclusively for five days and match the terms of the proposal at that point,’ CVPS President and CEO Larry Reilly said. ‘They declined to do that and said they were not going to get into a bidding war. That gave us the ability to terminate that agreement and execute the new agreement with GazMet.’ Reilly said CVPS wired Fortis the $19.5 million on Tuesday, and Gaz Metro will reimburse it. But even with that payout, the Gaz Metro offer provides advantages for shareholders, customers, employees and the Rutland community. ‘From our perspective it clearly is a better deal,’ Reilly said. ‘For our shareholders, the payment is a little bit higher on the price per share and we have the ability to make dividends that would have been precluded under the deal with Fortis after November. It comes with substantial benefits for our customers. Fortis doesn’t have a contiguous company here. We’re going to be able to put these two companies together and realize some efficiencies from that. We’ll be able to share inventory and leverage our buying power.’ Reilly noted the Gaz Metro deal will not force it to lay off employees or relocate managers. It will retain a presence in Rutland, which will serve as its Headquarters for Operations and Energy Innovation. Still, the company does expect that about 40 percent of the projected $144 million in customer savings associated with the merger over the next 10  years will come from downsizing the workforce. ‘That’s going to be done gradually over time through retirements and attrition,’ Reilly said. ‘It’s going to be five or six years to realize those benefits, but that is something that’s going to happen naturally. With the exception of a few executive officers, there aren’t going to be any layoffs at all in this transaction.’ Reilly himself will be one of those people out of a job once the deal is finalized. He will stay on throughout the transition and regulatory approval process, but Green Mountain Power President and CEO Mary Powell will assume leadership of the combined company. She said a merger between GMP and CVPS had been discussed for more than a decade. ‘It was the right time,’ Powell said. ‘It was the right set of factors in terms of investments that need to be made in the future. I think CV came to the same conclusion Green Mountain did a number of years ago, which is that being such a small, publicly held utility doesn’t make access to capital work very smoothly, and that there’s a real benefit to partnering up with a strong investor. Certainly in the last few weeks when we saw that that was the desire, we looked at what our value proposition was and decided to bring it to the CV board and the community. With some nice additional work from CV in terms of rounding out our proposal and the value of it to Rutland and the community that CV serves, we’re really pleased we came to this final conclusion and proposal.’ The deal must still be approved by shareholders and regulators, a process expected to take six to twelve months.  RELATED:last_img read more

Why the trend towards ‘spools’ is heating up

first_imgVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenPools! Who needs one? 00:58With summer fast approaching, and the mercury already rising, many homeowners will be turning their minds to ways to stay cool.But with backyards shrinking, are the days of the pool sinking?Not according to the aquatic architects, those folks whose job it is to craft a design to fit any space.MORE NEWS: Brisbane’s million-dollar suburb boomHow to spruce up your pad for sale Siblings Tobin 11, and Isabella Carnes 7 play in their backyard pool at Burpengary. Photo Lachie MillardOften called plunge pools, spools, even cocktail pools, smaller pools are popping up in increasingly small spaces.Tim Chown of Gold Coast-based Australian Plunge Pools said the trend towards smaller pools first took off in Sydney and Melbourne, where vacant space costs a premium.But he said they were now getting more inquiries from southeast Queensland as block sizes here also shrank.“We fitted one on to a balcony just last week,” he said. “We have done a lot of rooftop and balcony pools.”Mr Chown said consumers were also becoming more focused on fit-for-purpose, year-round pools, incorporating smaller designs, and the option for a heated spa in winter and a cool pool in summer.He said plunge pools, as opposed to the larger lap-style pools, were also cheaper to maintain and run, and often offered the option to go chemical-free.A plunge pool at 112 Outlook Cres in Bardon, which is on the marketQueensland Family Pools construction manager Terry Nicholls said buyers needed to look at the shape of their backyard.Queensland Family Pools construction manager Terry Nicholls said that as houses continued to get bigger, leaving less land for yards, buyers needed to look at the shape of the space they had.“Access is the key with the smaller yards that we have these days,” he said. “Nice and simple and straight lines is the trend at the moment.”Now that’s a sliver of a pool at 29 Blair Lane, AscotYou would probably have found a clothes line in this space a few years ago. This house at y 28 Eighth Avenue at Kedron is for saleDirector of Queensland landscaping business Bioscapes, Noel Brown, agreed, saying smaller, rectangle-shaped pools were becoming more common.However, he said there would always be a place for tropical styles with landscaping.Mr Brown said extra features were also being added to pools to make them look like the centrepiece of a backyard.“Water features intercepting with the pool, that seems to be the way it’s all going,” he said. “Then in the cooler months when you’re not using the pool, you can still enjoy that feature.”Ray White New Farm agent Matt Lancashire said he had seen it all when it came to pool designs.More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours agoRay White New Farm principal Matt Lancashire takes a dip at 33 Rockbourne Tce, Paddington.“I have seen glass edged pools, they are amazing and there is a big resurgence in that,” he said. “There is also one I know of that is being built into the basement garage so you will be able to drive in and see people in the pool.“I have also seen an indoor pool that is cantilevered so it is built inside the house.“People are also using glass mosaics with lights … pools are really becoming a statement piece in their own right.“But I still love seeing a big pool.”Here is the entrance or exit to a pool at 34 Addison Avenue in BulimbaAnd another view of the poolYou can even get a glimpse from the carport.Regardless of design, when the mercury hits 31C today and 34C tomorrow, there is a good chance you will find siblings, Tobin and Isabella Carnes, aged 11 and 7 years respectively, in their own statement pool, which has two water slides and its own water cave.The house is currently listed for sale with Raine and Horne Morayfield.Siblings Tobin 11, and Isabella Carnes 7 play in their backyard pool at Burpengary. Photo Lachie MillardVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:19Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:19 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenThe 6 best coastal homes that have sold01:19last_img read more

Lakers trade rumors: Los Angeles’ talks to clear cap space ‘have gone nowhere’

first_img Lakers free agency rumors: Los Angeles is Carmelo Anthony’s ‘most likely destination,’ executives believe “There will be a lot of changes,” Lakers owner Jeanie Buss told the Los Angeles Times earlier this week. “Lakers fans, be patient. We’re going to get there. We’re not going to stop until we’re all proud.”The Lakers reportedly have interest in Bobby Portis, Marcus Morris, Al Horford, Brook Lopez and DeAndre Jordan, as well. They also are the “most likely” destination for Carmelo Anthony. Those three players, who combined to average 10.2 points per game last season in limited playing time, are set to earn around $5 million in 2019-20.The Lakers completed one of the biggest trades in NBA history earlier this month when they acquired Anthony Davis from the Pelicans in exchange for Brandon Ingram, Lonzo Ball, Josh Hart and three first-round picks. Related News Los Angeles will pursue a third star this summer to pair with Davis and LeBron James and it has been linked to Kemba Walker, Jimmy Butler, Kawhi Leonard, Kyrie Irving and D’Angelo Russell. But, if the team makes no more moves, it’s only expected to have around $23 million available this offseason and will not be able to offer a max contract. NBA free agency rumors: Lakers rooting for Kyrie Irving to sign with Nets The Lakers continue to look to clear salary space.Los Angeles has reportedly been shopping the contracts of reserves Mo Wagner, Jemerrio Jones and Isaac Bonga to other teams. Those talks, however, have gone “nowhere” as the team has “limited ability to sweeten a deal with draft picks,” according to a report from Sports Illustrated, which cites unidentified league sources. Lonzo Ball reacts to being traded from Lakers to Pelicanslast_img read more