Divestiture of Haldimand County Hydro
NEWS Release #3
For Immediate Release
Dated: February 2, 2005
At last night’s special Haldimand County Council meeting to discuss selection of a proponent to negotiate a final agreement regarding divestiture of Haldimand County Hydo (HCH), a decision was made to stop the process and re-examine opportunities to make HCH a more viable business operation.
While the monetary value of the three final proposals was close to or greater than the equity value of HCH, other factors related to the proposals were of concern to the Haldimand County Hydro Committee. This, coupled with a lack of public support, resulted in the committee recommending that the process be halted for now.
Council will be exploring other avenues with the HCH Board and HCH senior staff in the near future towards making HCH a strong, viable, accountable public utility.
The divestiture process has been a tremendous learning experience for the HCH Committee in understanding the complexity of the hydro business in Ontario and associated risks. This process could not have progressed without the invaluable advice and support from the legal firm of Miller Thomson LLP and Navigant Consulting.
The HCH Committee wishes to thank those proponents, especially the finalists, for their efforts, and trust that the process has also been a learning experience for them.
FOR FURTHER INFORMATION, please contact
William Pearce,
Chief Administrative Officer
(905) 318-5932 ext. 220
bpearce@haldimandcounty.on.ca
