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Woodstock Hydro Financial Statement Presented to City Council

Friday, 19 February 2016 05:56

City Council approved a financial statement for the sale of Woodstock Hydro and now adjustments will be made to the final purchase price.

WOODSTOCK - A final financial statement for Woodstock Hydro was presented to Woodstock City Council.

The statement was prepared by auditors at KPMG in London and concerns the closing financial statements dated October 31st, 2015 - the last day the city owned the utility.

The city's Chief Administrative Officer David Creery tells Heart FM now that the final financial statements have been approved, the purchase price of Woodstock Hydro can be adjusted.

"The financial statements are then used for adjustments to be made to the purchase price. There's three adjustments to be made to purchase price, one for working capital, one for total debt, and one for net fixed assets. So these financial statements are the mechanism to calculate the final purchase price adjustments".

Creery says this is all part of the share purchase agreement.

"The share purchase agreement required the city to have completed the final financial statement as of the day of close of the agreement".

Woodstock Hydro sold to Hydro One last year for just over $46 million.

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