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  1. #1
    Senior Member M1917 Enfield's Avatar
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    Ontario First Nations acquire 14 million shares of Hydro One

    http://www.cbc.ca/news/indigenous/on...ares-1.4473126

    Ontario First Nations acquire 14 million shares of Hydro One


    129 First Nations in Ontario now own 2.4 % of province's electric utility


    First Nations in Ontario have acquired more than 14 million shares of Hydro One in a deal with the province aimed at creating wealth and promoting economic development in communities.

    The transaction worth nearly $260 million was finalized on Dec. 29 and officially announced on Jan. 2.

    Ontario Regional Chief Isadore Day with the Chiefs of Ontario said he's "quite thrilled" with the agreement, which "allows us to have a seat at the table with Hydro One."

    Hydro One is Ontario's electricity transmission and distribution service provider. It was partially privatized in 2015.

    Through the transaction, 129 First Nations in Ontario now own 14,391,012 common shares of Hydro One — 2.4 per cent of the outstanding common shares. The Province of Ontario now owns 47.4 per cent of the common shares.

    At a purchase price of $18 a share, the sale amounts to $259,038,216, which was made possible through a loan from the provincial government.

    Ontario strikes deal to sell Hydro One shares to First Nations

    "We negotiated a low-interest loan from the Ontario government that did not see First Nations having to contribute anything," said Day.

    "Essentially we just needed to navigate ourselves through some of the governance pieces, establishing the proper corporate vehicles, so on and so forth. But we needed a level of unanimity among the chiefs."

    The province will also provide $29 million in seed capital to the First Nations to promote wealth creation.


    'This is an opportunity of long-term investment'

    Negotiations began after an all-chiefs meeting in 2015 and resulted in an agreement-in-principle in July 2016, according to Day, who called this "a very significant policy shift in Ontario."

    Isadore Day

    Ontario Regional Chief Isadore Day calls the sale 'a very significant policy shift in Ontario.' (Waubgeshig Rice/CBC)

    He wouldn't say how the shares may be divided up among the First Nations or what communities may chose to do with them, because a mechanism in the agreement makes them untouchable for five years.

    "We've locked in a mechanism that says 'let's get the governance. Let's make sure that we're not in a position to turn around and sell these shares right away.' This wouldn't be a good business practice," he said.

    A news release from Ontario's Ministry of Energy called the sale "one of many steps on Ontario's journey of healing and reconciliation with Indigenous Peoples."

    "This is an opportunity of long-term investment," added Day.

    "And it will allow us now to be up there in terms of the types of investment capacity and buying power that we need that generally big multinationals have when they go to the markets. That's where we're at now."

  2. #2
    Senior Member
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    Ahhh, Ontario, you know not what you’ve done, but you’re going to find out, and it’s going to be painful.

  3. The Following User Liked This Post By Hillbillyreefer

    IJ22 (01-05-2018)

  4. #3
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    "The province will also provide $29 million in seed capital to the First Nations to promote wealth creation.

    'This is an opportunity of long-term investment'


    No, this is an opportunity to buy long term loyally and votes for the Ontario Liberals.

  5. The Following 3 Users Like This Post By soulchaser

    firemachine69 (01-07-2018), IJ22 (01-05-2018), killer kane (01-04-2018)

  6. #4
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    A news release from Ontario's Ministry of Energy called the sale "one of many steps on Ontario's journey of healing and reconciliation with Indigenous Peoples."


    Funny how "healing" always comes down to "first nations" walking away with truck loads of free money ain't it?

  7. The Following 10 Users Like This Post By soulchaser

    50 B.M.G. (01-04-2018), coastal (01-06-2018), firemachine69 (01-07-2018), Forbes/Hutton (01-04-2018), IJ22 (01-05-2018), killer kane (01-04-2018), M1917 Enfield (01-04-2018), ruger#1 (01-06-2018), Scotlas (01-04-2018), Swampdonkey (01-06-2018)

  8. #5
    Senior Member RangeBob's Avatar
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    Quote Originally Posted by M1917 Enfield View Post
    At a purchase price of $18 a share, the sale amounts to $259,038,216, which was made possible through a loan from the provincial government.
    Ontario Hydro Share Price: 22.18 CAD

    Difference: $4.18 (22.18 - 18)

    14,391,012 common shares * $4.18 = $60,154,430.16

    if they sold it all today, and paid back the $259,038,216 'loan' the same day.

  9. #6
    Senior Member RangeBob's Avatar
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    Does this gift offset any of the claims, or is it just a gift.

  10. The Following User Liked This Post By RangeBob

    Dewey Cox (01-05-2018)

  11. #7
    Senior Member Grimlock's Avatar
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    $259,038,216/181,524 status Indians = $1427/vote

  12. #8
    Canadian ForcesMember Billythreefeathers's Avatar
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    Quote Originally Posted by Grimlock View Post
    $259,038,216/181,524 status Indians = $1427/vote
    Nope,, remember those shares did not go to an individual band members, but to the BAND. So the likelihood of seeing $1427 is nil.
    CSSA

  13. The Following User Liked This Post By Billythreefeathers

    killer kane (01-04-2018)

  14. #9
    Senior Member Grimlock's Avatar
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    Quote Originally Posted by Billythreefeathers View Post
    Nope,, remember those shares did not go to an individual band members, but to the BAND. So the likelihood of seeing $1427 is nil.
    But the Chiefs will certainly suggest who their people should vote for.

  15. #10
    Canadian ForcesMember Billythreefeathers's Avatar
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    Quote Originally Posted by Grimlock View Post
    But the Chiefs will certainly suggest who their people should vote for.
    voter turn out for the native vote usually goes NDP,, why, who knows,,
    CSSA

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