CARIBBEAN UTILITIES COMPANY,
LTD. CLASS A ORDINARY SHARES ARE LISTED FOR TRADING IN UNITED STATES FUNDS ON THE TORONTO STOCK
EXCHANGE.
GRAND
CAYMAN, Cayman Islands , May 12, 2023
/CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) ("CUC"
or "the Company") announced that the nominees listed in the
Company's Notice to Shareholders and Management Information
Circular dated March 13, 2023 were
elected as Directors of Caribbean Utilities Company, Ltd at the
Company's Annual General Meeting of Shareholders ("the AGM"),
held on May 12, 2023 in Grand Cayman, Cayman
Islands.
Election of Directors
The following nominees were elected to serve as directors of CUC
until the next annual meeting of the Company or until their
successors are elected or appointed. Notwithstanding that the
motions were passed by a show of hands vote at the meeting, the
votes recorded by proxy in advance of the meeting were as
follows:
|
Nominees
|
Votes
For
|
Votes
Withheld
|
|
Mrs. Jennifer P.
Dilbert
|
22,810,241
|
89.10 %
|
81,438
|
0.32 %
|
|
Mrs. Sheree L.
Ebanks
|
22,810,341
|
89.10 %
|
81,338
|
0.32 %
|
|
Mr. Woodrow S.
Foster
|
22,809,673
|
89.10 %
|
82,006
|
0.32 %
|
|
Ms. Jennifer
Frizzelle
|
22,809,648
|
89.10 %
|
82,031
|
0.32 %
|
|
Ms. Susan M.
Gray
|
22,808,721
|
89.10 %
|
82,958
|
0.32 %
|
|
Ms. Karen
Gosse
|
22,565,971
|
88.15 %
|
325,708
|
1.27 %
|
|
Mrs. Sophia A.
Harris
|
22,810,595
|
89.10 %
|
81,084
|
0.32 %
|
|
Mr. J.F. Richard
Hew
|
22,810,593
|
89.10 %
|
81,086
|
0.32 %
|
|
Mr. Mark R.
Macfee
|
22,810,793
|
89.10 %
|
80,886
|
0.32 %
|
|
Ms. Kay
Menzies
|
22,566,071
|
88.15 %
|
325,608
|
1.27 %
|
|
Mr. Gary J.
Smith
|
22,807,153
|
89.09 %
|
84,526
|
0.33 %
|
|
|
|
|
|
|
Appointment of Auditors
Shareholders of the Company approved the appointment of Deloitte
LLP. as auditors of CUC until the next annual meeting of the
Company, and the Board of Directors was authorized to fix the
auditors' remuneration.
|
Votes
For
|
Votes
Withheld
|
|
25,511,875
|
99.95 %
|
88,385
|
0.35 %
|
|
|
|
|
Compensation for Directors
By resolution, set out in the Management Information Circular
for the AGM dated March 13, 2023,
Shareholders of the Company approved the revised Board of Directors
and Committee Compensation Structure.
|
Votes
For
|
Votes
Against
|
|
22,515,894
|
87.95 %
|
375,785
|
1.47 %
|
|
|
|
|
Increase of Reserve for the Share Purchase Plan
By resolution, set out in the Management Information Circular
for the AGM dated March 13, 2023,
Shareholders of the Company approved the increase in the number of
Class A Shares of the Company reserved for issuance pursuant to the
Company's Employee Share Purchase Plan.
|
Votes
For
|
Votes
Against
|
|
25,214,559
|
98.49 %
|
385,702
|
1.51 %
|
|
|
|
|
The principal activity of the Company is to generate, transmit
and distribute electricity in its licence area of Grand Cayman, Cayman
Islands pursuant to a 20-year Transmission &
Distribution ("T&D") Licence and a 25-year non-exclusive
Generation Licence (the "Generation Licence" and together with the
T&D licence, the "Licences") granted by the Cayman Islands
Government (the "Government", "CIG"). The T&D Licence, which
expires in April 2028, contains
provisions for an automatic 20-year renewal and the Company has
reasonable expectation of renewal until April 2048. The Generation Licence expires in
November 2039. Further information is available at
www.cuc-cayman.com.
Caribbean Utilities Company, Ltd. ("CUC" or "the Company"),
on occasion, includes forward-looking statements in its media
releases, Canadian securities regulatory authorities filings,
shareholder reports and other communications. Forward-looking
statements include statements that are predictive in nature, depend
upon future events or conditions, or include words such as
"expects", "anticipates", "plan", "believes", "estimates",
"intends", "targets", "projects", "forecasts", "schedule", or
negative versions thereof and other similar expressions, or future
or conditional verbs such as "may", "will", "should", "would" and
"could". Forward-looking statements are based on underlying
assumptions and management's beliefs, estimates and opinions, and
are subject to certain risks and uncertainties surrounding future
expectations generally that may cause actual results to vary from
plans, targets and estimates. Such risks and uncertainties include
but are not limited to operational, general economic, market and
business conditions, regulatory developments and weather
conditions. CUC cautions readers that actual results may vary
significantly from those expected should certain risks or
uncertainties materialize or should underlying assumptions prove
incorrect. Forward-looking statements are provided for the
purpose of providing information about management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise except as
required by law.
SOURCE Caribbean Utilities Company, Ltd.