POWER: First Nations now own 14.4M Hydro One shares
TORONTO – The province of Ontario has completed the sale of 14.4 million common shares of Hydro One to OFN Power Holdings. […]
The shares were priced at $18 each for a total price of $259.0 million. OFN Power now holds 2.4% of Hydro One. The Ontario government now holds about 47.4% of Hydro One.
The sale is part of the province’s healing and reconciliation plan with indigenous people. The agreement in principle between Ontario and its First Nations was announced in July 12, 2016.
Learn about Hydro One at www.HydroOne.com.
November 26, 2024
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5 Comments
Richard
Where did the $260,000,000 come from?
Ron Bradshaw
Does the 2.4% ownership include all of the power lines in North Ontario and and the one third interest in the power corridor between Bruce Nuclear and the GTA, which the tribes own?
This is unbelievable. No wonder why we have no control over our power costs.
Richard
There is a serious lackof transparency here. Ontario First Nations Sovereign Wealth reportedly purchased these shares of Hydro One from the Province of Ontario, i.e., the Ontario tax payers, for $259.0 million. If each of the 129 FNs paid equally, each FN paid or owes over two million dollars. Are the First Nations getting the money to purchase these shares from the taxpayers of Ontario or of Canada? Since the taxpayers appera to be funding this, they have a right to know. We need a little light here!
Kurt
I believe the shares are being given as the result of a loan with a very low interest rate acquired specifically for the purpose of the FN to purchase said shares.
The idea is that the interest / dividends generated from ownership of the Hydro One shares is more (albeit not much more) than the base interest rate for the loan.
Charles F Naphan
how was payment made for the 14.4 million shares of hydro one from OFN Power Holdings. the sum of 259 million. Has the full amount been paid. Has any amount been Paid?