TORONTO, ONTARIO--(Marketwire - March 4, 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 Northland Power Holdings Inc. ("NPHI"), a corporation wholly-owned by him, has converted 28,851,868 Class A Shares of Northland into an equivalent number of Common Shares of Northland. These Common Shares represent approximately 24.9% of the Common Shares outstanding after the conversion.
After giving effect to this conversion, Mr. Temerty beneficially owns or has control or direction over 34,614,466 Common Shares (representing approximately 29.9% of the outstanding Common Shares) and 1,000,000 Class A Shares, 8,067,723 Class B Convertible Shares and 4,289,808 Class C Convertible Shares (in each case representing 100% of the shares of that class). If the conditions for the conversion of the Class B Convertible Shares and Class C Convertible Shares into Class A Shares were satisfied and all of the Class A Shares were converted into Common Shares, Mr. Temerty would beneficially own or have control or direction over approximately 37.2% of the then outstanding Common Shares.
Of such shares, 33,737,145 Common Shares and all of the Class A Shares, Class B Convertible Shares and Class C Convertible Shares (representing approximately 36.5% of the outstanding Common Shares if all 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 plans to dispose of any shares of NPI, except that NPHI may donate a number of the Common Shares to the Temerty Family Foundation, a charitable foundation of which he and other family members are directors. NPHI, Mr. Temerty's wife and one of his daughters expect to continue to participate in Northland's dividend reinvestment plan, thereby acquiring ownership of more Common Shares of Northland.
"The conversion of most of my Class A Shares into Common Shares is being done in part to allow me to donate some of my shares to the Temerty Family Foundation," Mr. Temerty said. "It has the added benefit of making the share structure simpler and clearer to the market. I have great confidence in Northland and I remain fully committed to my investment in Northland."