TORONTO, ONTARIO--(Marketwired - Aug. 22, 2013) - James C. Temerty, Chair of Northland Power Inc. (TSX:NPI) ("Northland"), 30 St. Clair Avenue West, Suite 1700, Toronto, Ontario M4V 3A2 announced today that 8,067,723 Class B Convertible Shares and 4,289,808 Class C Convertible Shares held by Northland Power Holdings Inc. ("NPHI"), a corporation wholly-owned by him, were converted pursuant to their terms into an aggregate of 12,357,531 Class A Shares of Northland which in turn NPHI has converted into an equivalent number of Common Shares of Northland. These conversions have not changed NPHI's security holding percentage in Northland.
After giving effect to this conversion, Mr. Temerty beneficially owns or has control or direction over 47,276,608 Common Shares (representing 36.5% of the outstanding Common Shares) and 1,000,000 Class A Shares (representing 100% of the Class A Shares). If all of the Class A Shares were converted into Common Shares, Mr. Temerty would beneficially own or have control or direction over 37.0% of the then outstanding Common Shares.
46,391,316 Common Shares and all 1,000,000 Class A Shares (representing 36.3% of the outstanding Common Shares if all Class A Shares are converted) are beneficially owned by Mr. Temerty. Mr. Temerty may be considered to have control or direction over the balance of the Common Shares described above.
Mr. Temerty and, to his knowledge, the other owners of shares described in this news release, have no intention of disposing of any shares of NPI, except that NPHI intends to donate a number of the Common Shares to the Temerty Family Foundation, a charitable foundation of which he and other family members are the directors. NPHI, Mr. Temerty's wife and one of his daughters intend to continue to participate in Northland's dividend reinvestment plan, thereby acquiring ownership of more Common Shares of Northland.