New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
May 16, 2014
08:33 EDTWTRFort Wayne approves purchase of Aqua America unit's water operations
Aqua America announced that the Fort Wayne City Council has unanimously voted to approve the purchase of Aqua Indiana’s drinking water system assets in southwest Allen County, Indiana, for $67M, which comprises $50.1M in addition to $16.9M the city already paid Aqua for its water and wastewater system assets in the northern part of Fort Wayne in a contested decision in 2008. The agreement requires approval by the Indiana Utility Regulatory Commission, and the transaction is expected to close in 4Q14. The company said, "This sale will provide Aqua with more than $50M in cash that we can reinvest in water and wastewater infrastructure. We are optimistic that the sale can close in Q4 and would add 6c-7c to EPS in FY14.”
News For WTR From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
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."

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use