TORONTO, ONTARIO–(Marketwire – April 29, 2011) – EnerCare Inc. ("EnerCare") (TSX:ECI) today announced that it has adopted a shareholder rights plan (the "Rights Plan"). The Rights Plan is effective immediately and was approved by a majority of holders of common shares ("Shareholders") of EnerCare who voted at EnerCare's 2011 annual and special meeting held on April 29, 2011. In making the announcement, the Company stated that it is not aware of any pending or threatened take-over bid. The Rights Plan has been accepted by the Toronto Stock Exchange in accordance with its rules and policies.
The primary objectives of the Rights Plan are (i) to provide the Board of Directors of EnerCare with additional time to explore and develop alternatives for maximizing Shareholder value if an unsolicited take-over bid is made for the common shares of EnerCare, or any other shares in the capital of EnerCare that carry a right generally to vote in the election of directors (collectively, "Voting Shares"), (ii) to provide every Shareholder with an equal opportunity to participate in such a bid, and (iii) to ensure, to the extent possible, that all Shareholders are treated fairly in connection with any take-over bid for Voting Shares.
EnerCare owns a portfolio of approximately 1.3 million installed water heaters and other assets, rented primarily to residential customers in Ontario. EnerCare also owns Stratacon Inc. and EnerCare Connections Inc., leading sub-metering companies, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.
Additional information regarding EnerCar e is available on SEDAR at www.sedar.com.
For further information:
1.905.695.7793 or 1.800.781.2943