Hydro One Selling Off Shares To First Nations

The news came as a surprise and indeed an opportunity, the First Nations in Ontario have been given the go-ahead to purchase shares in Hydro One, which was an open utility. The news was announced by the Liberal government. Both the government and First Nations have come to an agreement that coincides with the principle of First Nations, which permits the government to borrow them up to $268 million to purchase about 15 million shares for a price of $18 per share.

The amount is above the province’s book value but is below the range of $24 to $26, which has been the stock’s trading range over the past months. However, in order to finalize the deal, 80 per cent of the band councils should have to agree with the deal and approve it before the end of 2017.

If all works out well and the deal is approved, Ontario will have to sell off their shares to a new investment automobile that is collectively owned by the First Nations and supply seed funds of about $45 million for over three years. According to the Minister of Energy, Glenn Thibeault, he said that this would greatly help the economy to develop and create opportunities for First Nations through the whole of the Canada. The other thirty percent of the utility share was sold off recently. To top it all off, the 15 million shares that will be sold to First Nations will represent 2.5 percent of the other shares.

According to the Minister of Energy, Glenn Thibeault, he said that this would greatly help the economy to develop and create opportunities for First Nations through the whole of the Canada. The other thirty percent of the utility share was sold off recently. To top it all off, the 15 million shares that will be sold to First Nations will represent 2.5 percent of the other shares.