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News Breaks
March 18, 2014
08:31 EDTWTRAqua America announces Virginia acquisitions
Aqua America announced that its Virginia subsidiary has purchased four water systems and a wastewater system in three separate acquisitions. Aqua acquired the water and wastewater system assets of Presidential Service Company. These systems serve about 1,000 people in the Presidential Lakes subdivision in King George, Virginia, and the acquisition marks Aqua’s entry into King George County. Aqua paid $150,000 for the water system and plans to spend about $200,000 in capital improvements over the next couple of years. Aqua paid $1 for the wastewater system, which is under a state consent order because it doesn’t meet environmental regulations. Aqua plans to invest nearly $1.4M to build a new wastewater treatment plant to improve service and bring the system into environmental compliance. Aqua also acquired the water system assets of the Stagecoach Hills public water system. This system serves about 80 people in the Stagecoach Hills subdivision in Fluvanna County. Aqua paid $25,000 for the system and plans to invest another $15,000 to upgrade the system. Aqua also recently acquired the assets of two water systems from the Botetourt Forest Water Corporation for $82,500. These systems serve about 400 people in Blue Ridge, Botetourt County.
News For WTR From The Last 14 Days
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May 5, 2015
17:33 EDTWTRAqua America reports Q1 EPS 27c, consensus 26c
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14:27 EDTWTRAqua America announces acquisitions in Pennsylvania, New Jersey and Virginia
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April 30, 2015
16:46 EDTWTRAqua America IL subsidiary acquires NMU water, wastewater system in Glenview IL
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April 24, 2015
16:47 EDTWTRISS urges Aqua America investors to vote for UWUA shareholder proposal
Leading proxy advisory firm Institutional Shareholder Services issued a report recommending that shareholders of Aqua America vote "for" a shareholder proposal concerning extraordinary retirement benefits for Aqua's senior executives. The shareholder proposal, which was submitted by the Utility Workers Union of America for inclusion in Aqua's proxy statement for the company's May 8 annual meeting, urges Aqua's board of directors to seek shareholder approval of any future extraordinary retirement benefits for top executives. The UWUA's proposal appears as Proposal No. 5 in Aqua's proxy statement. Aqua maintains two supplemental retirement plans providing extraordinary pension benefits for senior executives that are not generally available to all employees, including a Supplemental Executive Retirement Plan available only to CEO Nicholas DeBenedictis. According to the company's proxy statement, the present value of DeBenedictis' total retirement benefits at the end of 2014 was more than $7.5M, including $4.7M in benefits in the two supplemental plans. ISS notes in its report that, "these benefits are not linked to company or executive performance and, while once seen as a competitive recruitment tool, increasingly stand out as a substantial non-performance-based pay element for executives who receive them." The ISS report concludes that, "in light of the significant potential costs and increasing shareholder focus on pay for performance, this proposal seeking shareholder approval of SERP benefits warrants support."

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