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HomeMy WebLinkAbout20181130Decision Memo.pdfDECISION MEMORANDUM TO:COMMISSIONER KJELLANDER COMMISSIONER RAPER COMMISSIONER ANDERSON COMMISSION SECRETARY LEGAL WORKING FILE FROM:JOSEPH TERRY TERRI CARLOCK DATE: NOVEMBER 28,2018 RE:AVISTA'S REQUEST FOR AUTHORIZATION TO ISSUE COMMON STOCK; CASE NO. AVU-U-18-0I On November 9, 2018, Avista filed an Application requesting authority to issue 10,000,000 shares of common stock. Issuance of these shares is contingent on the approval of the pending merger between Hydro One and Avista. (Case Nos. AVU-E-I7-09 and AW-G-I7-05) Issuance of new stock is a requirernent of the proposed mergcr in Article II Section 2.19(a) of the Agreement and Plan of Merger between Avista and Hydro One. Staff confirmed Avista has at least 10,000,000 authorized but unissued shares of stock. Case Nos. AVU-E-17-09 and AVU-G-I7-05 are still pending and the order has not yet been issued. Approval by all regulatory jurisdictions is required before the requested shares can be issued and the merger can close. Avista's Application fee of $1,000 was received on November 23,2018. STAFF RECOMMENDATION Staffrecommends the Commission approve the request for authorization to issue 10,000,000 shares of common stock, contingent upon the approval of the merger of Hydro One from all regulatory agencies, including this Commission in Case Nos. AVU-E-17-09 and AW-G-17-05. Without all the approvals for the merger, no issuances will be authorized. DECISION MEMORANDUM -1-NOVEMBER 28, 2OI8 COMMISSION DECISION Should Avista's request to issue 10,000,000 shares of common stock, contingent on the approval of the merger with Hydro One from all regulatory agencies, be approved? Terry Udmemos/AVU-U-l 8-01 dec memo DECISION MEMORANDUM n NOVEMBER28,2Ol8 d-,i^