Central Vermont Public Service: Press Release of Preliminary Results
April 06 2006 - 8:32AM
Business Wire
Central Vermont Public Service Corp. (NYSE:CV) today announced that
based on the preliminary results of its offer to purchase up to
2,250,000 shares of its outstanding common stock at a price not
greater than $22.50 and not less than $20.50 per share, it expects
to purchase 2,250,000 shares at $22.50 per share. Based on the
preliminary count by the depositary for the tender offer, 2,383,499
shares of common stock, including shares that were tendered through
notice of guaranteed delivery, were properly tendered and not
withdrawn at or below $22.50 per share. Because the number of
shares tendered at or below $22.50 per share exceeds the 2,250,000
shares that the Company offered to purchase, the resulting
estimated proration factor is approximately 94 percent of the
shares tendered, except that all shares tendered from holders of
less than 100 shares ("odd lots") will be purchased without
proration. Based on the preliminary count by the depositary for the
tender offer, following consummation of the tender offer,
10,051,915 shares will remain issued and outstanding. The number of
shares to be purchased, the price per share and the proration
factor are preliminary. The determination of the final number of
shares to be purchased, the final price per share and the final
proration factor are subject to confirmation by the depositary of
the proper delivery of the shares validly tendered and not
withdrawn. The actual number of shares validly tendered and not
withdrawn, the final price per share and the final proration factor
will be announced following the completion of the confirmation
process. Payment for the shares accepted for purchase and return of
all other shares tendered and not accepted for purchase will occur
promptly thereafter. The depositary for the tender offer is
American Stock Transfer & Trust Company. For questions and
information, please contact the information agent for the tender
offer, Morrow & Co., Inc., by calling (800) 607-0088. CVPS,
founded in 1929, is Vermont's largest electric utility, serving
more than 151,000 customers.
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