Nova Scotia lifts foreign investor cap

Article Excerpt

EMERA INC. $55 (Toronto symbol EMA; Income Portfolio, Utilities sector; Shares outstanding: 236.2 million; Market cap: $13.0 billion; Price-to-sales ratio: 2.0; Dividend yield: 4.3%; TSINetwork Rating: Average; www.emera.com) owns 100% of Nova Scotia Power, that province’s main electricity supplier. It also holds interests in several power plants and natural gas pipelines in the U.S. and the Caribbean. The Nova Scotia government plans to eliminate the current law that restricts non-Canadian investors from owning more than 25% of Emera’s shares. Right now, foreign investors own about 19%. However, the province will continue to limit any single shareholder from owning more that 15% of Emera. The change will make it easier for the company to raise capital from investors outside of Canada for future projects and acquisitions. Emera is a buy. buy…

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