⚡Cayman Utilities Company plans $53M rights offer

Caribbean Utilities Company Ltd (CUC), the power provider for Grand Cayman, is planning to raise around $51.3 million through a rights offer to its Class A ordinary shareholders. The company intends to use the funds raised to finance alternative energy projects, as well as ongoing additions and upgrades to its generation, transmission, and distribution systems. The offering will be made in both the Cayman Islands and Canada.🌴

Each Class A ordinary shareholder has been issued one right for each share they hold. Every ten rights will allow shareholders to purchase one Class A ordinary share from CUC at a price of $13.41. The offer is valid until 4:00pm Toronto time on October 31. If all shareholders subscribe to all the additional shares they are entitled to, CUC expects to raise approximately $51.3 million. CUC has also entered into a stand-by purchase agreement with parent company Fortis Energy Caribbean, which will purchase any Class A Ordinary Shares not otherwise subscribed for and purchased.💰