Hydro Shares held collectively by 129 First Nations; New Credit says no

By Lynda Powless Editor It was 17 months in the making but the Chiefs of Ontario have managed to navigated a nearly $260 million transaction with the sale of 14 million shares of Hydro One to First Nations in Ontario. The deal could see $2,015,503.88 in shares to each of the 129 First Nations that signed onto the deal, but the shares are expected to be held collectively. Ontario offered the shares in July of 2016 for the “collective benefit” of Ontario’s First Nations with the caveat that at least 80% of Ontario’s 133 First Nations had to sign on. With 129 First Nations, including Six Nations signing on, that means four First Nations turned down the deal. Mississaugas of New Credit, North Spirit Lake First Nation, the Chippewas of…

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