20181130Decision Memo.pdf

DECISION 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
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