|McInnes, Brown, Campbell|
Plutonic Power Corporation announced this morning it had agreed to merge with Magma Energy Corp.
The exchange ratio represents a premium to Plutonic shareholders of 32% over Plutonic’s 20 day weighted average share price on the Toronto Stock Exchange.
Today’s premium is worth about $50 million, an excellent return on Plutonic’s many contributions to the BC Liberal Party.
Read Will McMartin’s report in The Tyee, linked above. It includes this gem:
Donald McInness, Plutonic’s vice-chair and CEO, also has made numerous personal financial donations to B.C.’s governing party.
(McInness, appearing on CKNW’s Bill Good Show in April 2009, stoutly denied that his company had made financial donations to the BC Liberals. Questioned later by The Tyee’s Colleen Kimmett as to why Elections BC records showed otherwise, the Plutonic boss offered: “I don’t consider that to be donations, that’s buying a seat at a table.”)
Categories: Power Generation