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GMP shareholders approve sale

first_imgGREEN MOUNTAIN POWER SHAREHOLDERSVOTE IN FAVOR OF ACQUISITIONBY NORTHERN NEW ENGLAND ENERGY CORPORATION,A SUBSIDIARY OF GAZ MÉTRO LIMITED PARTNERSHIPCOLCHESTER, VT&. Green Mountain Power Corporation (NYSE: GMP) shareholders on October 31, 2006,overwhelmingly approved a proposed agreement and plan of merger with Northern NewEngland Energy Corporation (NNEEC) and its wholly-owned subsidiary Northstars MergerSubsidiary Corporation. The transaction is expected to close during the second quarter of 2007,pending state and federal regulatory approval.This transaction has clear benefits for our customers, and, we believe, for the entire state ofVermont, said Chris Dutton, president and CEO of Green Mountain Power.As we seek energy sources to power Vermonts future, we recognize that we will have tocompete in a volatile energy market with large, sophisticated players. We believe our customerswill benefit from our new owners financial strength and market depth when we negotiate newpower contracts to replace the expiring long-term contracts with Vermont Yankee and HydroQuébec. In fact, immediately after the announcement of the acquisition, both S&P and Moodyscredit rating agencies upgraded the outlook on Green Mountain Power, said Mr. Dutton.NNEEC is a Vermont corporation and a wholly-owned subsidiary of Gaz Métro LimitedPartnership (TSX-GZM.UN), a leading Québec energy company with a long history of investmentin Vermont. NNEEC has been the parent company of Vermont Gas Systems since 1986.The Board of Directors of Green Mountain Power approved this transaction because webelieve it provides a fair price to shareholders and will improve the financial strength of thecompany, said Nordahl Brue, chairman of Green Mountain Powers Board of Directors.Mr. Dutton said that the transaction will provide further benefits to customers through thecreation of the Green Mountain Power Efficiency Fund. The new Efficiency Fund will providemore than $9 million in benefits for Green Mountain Power customers, Mr. Dutton said. It willinvest in demand side management and other innovative efficiency programs, including, potentially,combined heat and power, district heating, distributed generation and renewable generation.Green Mountain Power will continue to be managed by its current leadership team and theCompany will continue to operate out of its existing offices in Vermont. Employees will beretained and the current labor contract with IBEW Local 300 will continue in place. The Companywill remain under the jurisdiction of state and federal regulators.More than 97 percent of the shareholders present or represented at a special shareholdersmeeting voted for approval of the merger agreement. The votes cast represented 72 percent of thetotal shares outstanding and eligible to vote. Authorization of the agreement and plan of mergerrequired approval by a vote of a majority of the outstanding shares.On June 22, 2006, Green Mountain Power Corporation and Northern New England EnergyCorporation announced a merger agreement whereby Green Mountain Power would become awholly-owned subsidiary of NNEEC in a cash transaction valued at approximately $187 million, or$35 per share.Gaz Métro is a major distributor of natural gas in Québec and the northeastern United States.In addition, the company operates businesses providing district heating and urban waterrehabilitation services in Québec and Ontario. As of the end of 2005, Gaz Métro had assets of morethan $2.5 billion (Canadian). Gaz Métro is also the parent company of Vermont Gas Systems,which has 115 Vermont-based employees. Gaz Métro currently has a strong credit rating that, inrecent years, has been higher than Green Mountain Powers current BBB rating.Green Mountain Power is a public utility operating company that transmits, distributes andsells electricity and utility construction services in the State of Vermont in a service territory withapproximately one quarter of Vermonts population. It serves approximately 90,000 customers.Forward-looking StatementsThis news release contains forward looking statements about Green Mountain Power. Statements that are nothistorical or current facts, including statements about beliefs and expectations are forward looking statements. Thesestatements often include the words may, could, would, should, believes, expects, anticipates,estimates, intends, plans, targets, potentially, probably, projects, outlook, or similar expressions. Theseforward-looking statements cover, among other things, anticipated future plans and prospects of Green MountainPower. Forward-looking statements speak only as of the date they are made, and Green Mountain Power undertakes noobligation to update them in light of new information or future events.Forward-looking statements involve inherent risks and uncertainties, and many factors could cause actual resultsto differ materially from those anticipated, including those described in the Annual Report on Form 10-K for the yearended December 31, 2005, of Green Mountain Power, which you should read carefully, as well as the companys otherfilings with the Securities and Exchange Commission (the SEC). The following factors, among others, could causeactual results to differ materially from the anticipated results or other expectations expressed in the forward-lookingstatements: (1) the businesses of Green Mountain Power and NNEECs subsidiary Northstars Merger SubsidiaryCorporation may not be combined successfully, or such combination may take longer, be more difficult, timeconsumingor costly to accomplish than expected; and (2) governmental approvals of the merger may not be obtained,or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger.– 30 —last_img read more

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George Weah: From Soccer Turf to Presidency

first_img“Even though I will not be the captain of the ship, it is my fervent desire that the ship of state always sails smoothly. We must work to unite our people because Liberia is bigger than all of us. My ambition to serve will never push me to stoop too low to violence. The truth of the matter is that what I was seeking was not power or title but instead the opportunity to serve.’’The Man Weah…He was known for his close ball control and devastating, cheetah-like sprints on the football pitch. His high-intensity mode of play had overwhelmed countless defenders and made goal scoring appear like a picnic. His sheer speed and bulk appeared irreconcilable until untangling the apparent contradiction came too late for reputable goal tenders. Fourteen years after retiring from active soccer, he clinched the apex political job of his country Liberia – the presidency.No less a child of providence, he was born on October 1, 1966 and started his footballing career in Liberia. The current Arsenal of England coach Arsene Wenger brought him to Europe where he signed for Monaco in 1988. He then moved on to French soccer giant PSG in 1992. He won the French League in 1994 and became the top scorer of the 1994-95 UEFA Champions League. In 1995, he signed for Italian giants AC Milan, after they had lost the Champions League final of that year to Ajax, where he spent four successful seasons, and won the Italian Serie A twice.Looking ahead, Weah moved to England towards the end of his career and had spells at Chelsea and Manchester City, before returning to France to play for Marseille in 2001. He subsequently ended his career with Al-Jazira in the UAE 2003. At international level, he represented Liberia at the African Cup of Nations on two occasions.Throughout his momentous career, Weah proved he was not an ordinary footballer. He is still the one and only player ever to hold the African, European and World diadem for the best footballer at the same time (1995). For Weah there are so many firsts. He will become the first ever world footballer of the year to become president of a country. Former President Goodluck Jonathan, one of the observers of the Liberian run-off election told the BBC that though there were some challenges, he was sure the result would be fair to all contestants. Noted Jonathan: “The ballot box has replaced bullets and electoral disputes are settled through the courts.”King George, as he is fondly called while playing for Liberia in the throes of civil war, single-handedly picked up the bills of the national football team and almost led them to the 2002 World Cup – they were beaten to the ticket by Nigeria by one point.Since joining the political terrain in 2005, Weah has been told he cannot win mainly because of a lack of education. To transcend that perceived deficit, he secured a Business Administration degree from the DeVry University in 2011 and for good measure added a Master’s degree in Management from the Keller Graduate School of Management in 2013.He told the Voice of America in 2011 that education alone should not be the caveat for leadership. “There are lots people that went into leadership and they don’t even have a college degree. But, I know that I am a good leader, and I am waiting for the opportunity to one day lead that country.”As the Ronaldos and Messis savour the triumph of their worthy predecessor in the dribble-score business, the more sedate soccer pundits ponder the political trajectory of this African legend. Meanwhile for ordinary Liberians, it maybe morning yet on creation day!Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram He changed the African story in a sense by becoming the continent’s first and only son to win the FIFA World Player of the Year (Ballon d’Or), the equivalent of a Nobel laureate in football. Can he rescript Liberia’s socio-political development story – incidentally, the first African nation to proclaim her freedom in 1847?  Louis Achi looks at the feisty 51-year old legend, George Tawlon Manneh Oppong Ousman Weah, now Liberia’s president-elect F orty-four hours ago, Liberia’s National Election Commission (NEC) announced soccer legend George Weah as the winner of Liberia’s presidential run-off, beating Vice President Joseph Boakai in the first democratic transfer of power in decades following two devastating civil wars. This development puts the nimble, towering former football striker on course to replace incumbent Ellen Johnson Sirleaf, who took over at the helm of Africa’s oldest republic in 2006.According to NEC, Weah had polled an insurmountable 61.5 percent of Tuesday’s vote, which was delayed several weeks after a legal challenge from Vice President Boakai. The electoral body further explained that with 98.1% percent of all votes counted, Boakai had secured only 38.5% support.Weah, candidate of the opposition Congress for Democratic Change (CDC) scored 720,023 votes, while the incumbent vice president and candidate of the ruling Unity Party, Joseph Boakai, scored 451,088, which is 38.5 percent of the total vote cast, according to NEC.Before the official results were announced yesterday, Weah tweeted: “The Liberian people clearly made their choice… and all together we are very confident in the result of the electoral process.” Weah topped the first round of voting in October with 38.4 percent of ballots but failed to win the 50 percent necessary to avoid a run-off. Boakai came second with 28.8 percent.Ravaged by a long-drawn war, Liberia currently suffers serious infrastructural deficit. The emerging consensus is that it is in dire need of a leader that can consolidate on the gains of outgoing leader, Ellen Johnson Sirleaf, who is stepping down in January. President-elect Weah apparently lacks any illusions concerning the bracing task ahead. His words on December 11, shortly after the New African Magazine named him among 100 Most Influential Africans of 2017 captures this awareness. “I will put all my strength, my energy, my sincerity and my influence at the service of the Liberian people.”Meanwhile, in a reconciliatory, nationwide broadcast from his party’s headquarters in Monrovia yesterday, that essentially echoed former President Goodluck Jonathan’s statesmanlike concession to Buhari, Vice President Boakai, flanked by his supporters and party leaders, said he had already called President-elect Weah to congratulate him. His words: “I, Joseph Boakai, a man of peace, humility and with a deep faith in God hereby accept the results of the elections as announced by the National Elections Commission (NEC). I congratulate Ambassador Weah and pray that God will guide and empower him as takes the onerous responsibility of steering the affairs of our nation.last_img read more

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Italian coach quits struggling Kaizer Chiefs

first_imgFILE PHOTO: Giovanni SolinasJohannesburg, South Africa | AFP | Italian coach Giovanni Solinas quit high-profile South African club Kaizer Chiefs Friday halfway through his first season in charge after failing to transform the struggling side.Chiefs, who have won 53 domestic trophies since being formed in 1970, have gone three and a half seasons without adding to their silverware.A Chiefs statement said there had been an “amicable termination of the contract with immediate effect”, which is South African-speak for leave or be fired.Chiefs reached the second qualifying round of the CAF Confederation Cup this week, but only after the embarrassment of losing away to a club from African football minnows Zanzibar. Even more humiliating for Solinas, 50, was losing twice this season to arch rivals Orlando Pirates, in the Premiership and the League Cup semi-finals.Chiefs have won just four of 14 league matches, leaving them seventh in the standings, six points behind leaders Pirates.Solinas previously coached Free State Stars twice in South Africa, Al Faisaly twice in Saudi Arabia and Entente Setif, CR Belouizdad, JSM Bejaia and Mouloudia Oran in Algeria.Share on: WhatsApplast_img read more

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ON-TRACK ATTENDANCE SHOWS HEALTHY INCREASE AS SANTA ANITA’S WINTER MEET DRAWS TO A CLOSE; 41-DAY SPRING MEET TO OPEN ON MAY 5 AND RUN THROUGH JULY 10

first_imgARCADIA, Calif. (April 10, 2016)–Santa Anita’s 2015-16 Winter Meet drew to a close today, with the track posting an eight percent gain in on-track attendance as it continues to focus on growing the sport by bringing new fans to America’s most beautiful racing venue. Santa Anita all sources handle was down slightly by one percent.The 63-day Winter Meet, which began on Dec. 26, included numerous racing highlights, including 2014 Horse of the Year California Chrome winning the Grade II San Pasqual Stakes on Jan. 9; 2015 Eclipse Champion Juvenile Nyquist taking the Grade II San Vicente Stakes on Feb. 15; 2015 Eclipse Champion Juvenile Filly, Songbird, winning three stakes, the Grade II Las Virgenes Stakes on Feb. 6, the Grade III Santa Ysabel on March 5, and the Grade I Santa Anita Oaks on April 9; and Exaggerator taking the Grade I, $1 million Santa Anita Derby on April 9.For the fourth consecutive year and seventh time overall, Peruvian sensation Rafael Bejarano led the Winter Meet jockey standings, finishing with 74 wins. He also finished tied with Gary Stevens for most stakes races won, with eight. Bejarano, 34, now has 24 overall Southern California titles.In the trainer’s race, upstart Phil D’Amato took his first Santa Anita training title with 74 winners. D’Amato also led in the stakes-won category, as his stable won eight added money races.Hronis Racing, LLC led all owners with 12 Winter Meet victories.With Santa Anita closing until its Spring Meet opener on May 5, Golden Gate Fields will be conducting a Turf Festival over the next three weekends, as the Bay Area track will offer increased purses and provide Southern-California-based horsemen free shipping to and from Golden Gate.Fans are encouraged to visit santaanita.com for more information on the upcoming 41-day Spring Meet and to make dining and seating reservations at Santa Anita for Kentucky Derby Day, Saturday, May 7.last_img read more