Ontario raises $2.8 billion from final Hydro One share offering
On May 8, 2017, the Province announced the sale of 120,000,000 common shares at $23.25 per share. Upon closing of the transaction yesterday, the Province has raised approximately $2.8 billion from this offering.
Combined with previous amounts raised, the Province has now exceeded its objective to raise $9 billion in gross proceeds and other revenue benefits from broadening the ownership of Hydro One.
With the completion of this offering, Ontario holds 49.9 percent of Hydro One's common shares.
In addition, as announced in July 2016, the Province has agreed to sell to First Nations up to approximately 15 million shares for their collective benefit, representing 2.5 percent of the current outstanding common shares of the company, depending on the level of First Nation participation.
Assuming full participation by First Nations, this would bring the Province's ownership to 47.4 percent of Hydro One.
To ensure that all Ontarians will continue to benefit from ownership in the company, the government of Ontario, by law, will remain the largest shareholder in Hydro One.
No other shareholder, or group of shareholders, is permitted to own more than 10 percent of the company. ■