Ontario is moving forward with its planned sale of up to 60% of its interest in Hydro One. On Friday, the Province moved one step closer and filed a preliminary prospectus with the Ontario Securities Commission. The prospectus follows the recommendations of the Premier’s Advisory Council on Government Assets and outlines key components of a governance agreement to be signed between the Province and Hydro One prior to the closing of the first share offering. The governance agreement will address the Province’s role in the governance of Hydro One, including that the Province will engage in the business affairs of Hydro One as an investor and not as a manager.
An amended prospectus is expected to be filed next month following the OSC review. Thereafter, the Province will undertake marketing activities and financial advisor consultations to help set a final share price, which the Province intends to complete in November.