Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
CPK > SEC Filings for CPK > Form 8-K on 5-Jun-2013All Recent SEC Filings

Show all filings for CHESAPEAKE UTILITIES CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for CHESAPEAKE UTILITIES CORP


5-Jun-2013

Other Events, Financial Statements and Exhibits


Item 8.01 Other Events.

On May 31, 2013, Chesapeake Utilities Corporation, a Delaware corporation (the "Company") completed the previously announced purchase of the operating assets of The Eastern Shore Gas Company ("ESG") and its affiliates, Eastern Shore Propane Company, LLC ("ESP") and Eastern Gas & Water Investment Company, LLC ("EGWIC"), pursuant to that certain Asset Purchase Agreement (the "Purchase Agreement"), dated June 22, 2012, as amended, by and among the Company, ESG, ESP, EGWIC and Energy Equity Partners, L.P. The assets are used to provide propane distribution service in Worcester County, Maryland to approximately 11,000 residential and commercial customers through underground propane gas distribution systems and to more than 500 customers through bulk propane delivery service. The Company's wholly-owned subsidiary, Sandpiper Energy, Inc., acquired and will operate the ESG and EGWIC assets, while another wholly-owned subsidiary, Sharpgas, Inc., acquired and will operate the ESP assets. The purchase price of approximately $16.5 million is subject to certain post-closing adjustments based on the closing net asset value as specified in the Purchase Agreement.

A number of governmental and regulatory approvals were required as a condition to the consummation of the transaction, including the approval of the transaction by the Maryland Public Service Commission (the "MPSC"). The MPSC approval was received on May 29, 2013. The Company's application before the MPSC also sought approval of delivery service tariff rates for those customers being served via underground distribution mains. The MPSC approved such tariff rates and with the MPSC order, a previously unregulated business became regulated by the MPSC. Residential and commercial/industrial customers will be charged rates based on the rate schedules approved by the MPSC, regardless of whether they use propane or natural gas. After thirty months from the date of the MPSC's order, the Company is required to file a formal, in-depth review of its delivery service tariff rates with the MPSC.

The press release announcing the completion of the acquisition is attached hereto as Exhibit 99.1 and is incorporated by reference herein.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibit 99.1 - Press Release of Chesapeake Utilities Corporation, dated June 4, 2013.


  Add CPK to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for CPK - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.