Apr 4, 2019   SOURCE: BusinessWire

Emera Welcomes Updates to Nova Scotia Legislation That Facilitates Future Growth and Helps Attract More Capital to the Province

Today, the Government of Nova Scotia introduced amendments to the NS Power Privatization Act (1992) and the NS Power Reorganization Act (1998) regarding share ownership of Emera Inc.

These amendments remove the current restriction preventing non-Canadian residents from holding more than 25 per cent of Emera voting shares. The legislation retains the existing restriction of any one shareholder holding more than 15 per cent of voting shares and reinforces Emera’s existing commitment to maintain its head office in Nova Scotia.

"We are pleased that the Government of Nova Scotia is showing foresight and leadership in fostering continued economic growth in the province,” says Scott Balfour, Emera's President and CEO. “The proposed update to the legislation gives Emera more funding flexibility and levels the competitive playing field for us – allowing Emera to attract investment capital and help facilitate the same opportunities for our growth that’s offered to industry players in other jurisdictions.”

Over the past 20 years, Emera has grown from a single utility into a $32 billion publicly traded North American energy leader from its base in Nova Scotia. With 7500 employees serving 2.5 million customers in Canada, the U.S. and the Caribbean, Emera delivered revenues of $6.5 billion in 2018.

“We are incredibly proud to be headquartered in Nova Scotia and to be part of the exciting growth that is happening in the province,” says Balfour. “Nova Scotia is a great place to do business and Emera’s growth to date is evidence of that.”

By introducing this legislation, the government of Nova Scotia is recognizing Emera’s success and the value of its head office commitment to Nova Scotia. Eliminating the shareholder restriction creates the opportunity for even more growth and value to the province in the future.

Forward Looking Information
This news release contains forward‐looking information within the meaning of applicable securities laws. By its nature, forward‐looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward‐looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward‐looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Enterprise Risk and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Financial Risks and Uncertainties” in the notes to Emera’s annual financial statements, which can be found on SEDAR at www.sedar.com.

About Emera Inc.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $32 billion in assets and 2018 revenues of more than $6.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.