Subjects: PER, SHM
CARIBBEAN UTILITIES COMPANY, LTD SHAREHOLDERS APPROVE ELECTION OF DIRECTORS, APPOINTMENT OF AUDITORS AND AMENDMENT OF ARTICLES OF ASSOCIATION
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 10, 2022 /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 11, 2022 were elected as Directors of Caribbean Utilities Company, Ltd at the Company's Annual General & Special Meeting of Shareholders ("the AGSM"), held on May 10, 2022 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 | 23,896,973 | 89.58% | 6,708 | 0.025% |
Mrs. Sheree L. Ebanks | 23,896,566 | 89.58% | 7,115 | 0.027% |
Ms. Jennifer Frizzelle | 23,894,906 | 89.58% | 8,775 | 0.033% |
Mr. Woodrow S. Foster | 23,894,846 | 89.58% | 8,835 | 0.033% |
Ms. Susan M. Gray | 23,894,746 | 89.57% | 8,935 | 0.033% |
Mrs. Sophia A. Harris | 23,896,466 | 89.58% | 7,215 | 0.027% |
Mr. R. Scott Hawkes | 23,898,143 | 89.59% | 5,538 | 0.021% |
Mr. J.F. Richard Hew | 23,897,743 | 89.59% | 5,938 | 0.022% |
Ms. Gretchen L. Holloway | 23,892,426 | 89.57% | 11,255 | 0.042% |
Mr. Mark R. Macfee | 23,896,466 | 89.58% | 7,215 | 0.027% |
Mr. Gary J. Smith | 23,892,326 | 89.57% | 11,355 | 0.043% |
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 | ||
26,666,41 | 99.97% | 9,273 | 0.035% |
Amendment of the Articles of Association
By special resolution, set out in the Management Information Circular for the AGSM dated March 11, 2022, Shareholders of the Company approved the amendment of the Articles of Association of the Company.
Votes For | Votes Against | ||
23,777,737 | 89.14% | 125,944 | 0.472% |
Retirements from the Board of Directors
The Chairman of the Board of Directors, Mr. David Ritch, and long term director Mr. Peter Thomson, retired from service as directors on the Board at the AGSM. During his address to the Shareholders, President & CEO Mr. J. F. Richard Hew expressed the gratitude of management and the employees for the invaluable and dedicated service to the Company of the retiring directors.
At a meeting of the new Board of Directors that followed the AGSM, Mrs. Sheree L. Ebanks was appointed as the new Chair of the Board. Mrs. Ebanks was elected as a member of the Board of Directors in May 2014 and was appointed as Chair of the Audit Committee of the Board in May 2020. Mr. Hew welcomed Mrs. Ebanks to her new position and noted the historic step for the Company in the appointment of the first female Chair of the Board of Directors.
CUC provides electricity to Grand Cayman, Cayman Islands, under a non-exclusive Electricity Generation Licence expiring in 2039 and an exclusive Electricity Transmission and Distribution Licence expiring in 2028. 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.
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