.:;: ~ \~~~~ I l.'!'b:~"\ \. C ',)1\ .~ .. , ~tli~~""" ,.....l. '5-::iIr:..r" ~... ..- l£'·~ "-'-' q ~~ S COt/l\"l' PROVINCE OF BRITISH COLUMBIA BRITISH COLUMBIA UTILITIES COMMISSION IN THE MATTER OF the Utilites Commission Act, S.B.C. 1980, c. 60 as amended IN THE MATTER OF an Application by Inland Natural Gas Co. Ltd. BEFORE: M. Taylor, Chairman; J.D.V. Newlands, Deputy Chairman; and N. Martin, Commissioner o R D E R WHEREAS pursuant to Section 57 of the Utilities Commission Act (tithe Act") Inland Natural Gas Co. Ltd. ("Inland") applied July 28, 1986 for Commission approval of the issue of one million Common Shares of the capital of Inland; and WHEREAS the Application stated that the net proceeds from this share issue will be applied as follows: (a) $4,000,000 to gas utilities operations of Inland; (b) the remainder of the proceeds to non-regulated activities. WHEREAS Inland has submitted all of the information required by the Commission under Section 57 of the Utilities Commission Act; and WHEREAS the Commission is satisfied that the proposed issue is to be made in accordance with every enactment governi~g the issue of securities. FOURTH FLOOR. 800 SM1THE STREET VANCOUVER B C V6Z 2E1 CANAD,t, TELEPHONE ,6()4/66O-<I700 TELEX (',4,>453;; - ... , 'e'_ '" ~ f'\ r" "", ". tr" '" II"" , .. ; ..... ,(1 l • ...,lv V""" ''''';- r r"'-' ",-,-,., ._,4 i_ "f) J f ~ ~..." \.IV ~ ;/ '", ~ ~ i: .... ,,: tU.""",,", .,' -. c;;.. . '",~:::3: 0 ...., ~ ORDER NUMBER G-53-86 and August 19, 1986 . .. /2
~ ... " .. - -~ ~n ~ t... , ' vv ,.-, .- - .. "ntf .... ' - "'If. I V t , , .. ... r~ ........ • v • V • I t 1 t "'1 \tJi " ~ v • ! " \ 2 ORDER NUMBER G-53-86 NOW THEREFORE the Commission hereby orders as follows: ~. That approval is hereby given under Section 57 of the utilities Commission Act to the issue of one million Common Shares of Inland at an issue price of $11.75 per share as specified in the Term Sheet, Schedule I attached hereto. 2. That the matter of the appropriate Capital Structure of Inland for utility regulatory purposes will be subject to review at the public hearing of Inland's May 30, 1986 Application for increased rates. DATED at the City of Vancouver, in the Province of British Columbia, this /;?~ day of August, 1986. BY ORDER JIM Chairman Attachment
~ Merrill Lynch INLAND NATURAL GAS CO. LTD. Common Share Offering Issuer: Inland Natural Gas Co. Ltd. ("Inland") Issue: 1,000,000 Common Shares Price: $11.31 per share net to Treasury Size: $11,310,000 Nature of Offering: These securities will Merrill Merrill will on a best efforts basis attempt to effect as broad a distribution as possible. Use of Proceeds: To reduce short term debt and utility and other non regulated activities. Commission: The price of $11.31 per share is the net price realized by re-price thereby creating a selling commission. Documentation: A purchase agreement to be possible. endeavour to provi de a fi na 1 prospectus cl eared in all Canadian jurisdictions as soon as possible and no later than October 30, 1986. Closing: Settlement and closing will occur on August 20, 1986. Costs: All costs relating to the distribution of these securities including printing, legal and other costs related to preparation and prospectus filing, the exception of the underwriters counsel will be borne by Inland. SCHEDULE I Term Sheet be re-priced and sold by primarily to institutional investors. finance regulated the treasury. The underwriter will the securities prior to distribution settled as soon as Inland will on a best efforts basis with
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