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Staff Report <br />REPORT TO: Council <br />DATE OF MEETING: December 13, 2021 <br />SUBMITTED BY: Jonathan Lautenbach, Chief Financial Officer <br />PREPARED BY: Jonathan Lautenbach, Chief Financial Officer <br />WARD(S) INVOLVED: All Wards <br />DATE OF REPORT: Dec 9, 2021 <br />REPORT NO.: FIN -2021-68 <br />www. kitchener ca <br />SUBJECT: Final Shareholder Approval of Kitchener -Wilmot Hydro and <br />Waterloo North Hydro Merger <br />RECOMMENDATION: <br />That Council provide final approval to proceed with the proposed merger between <br />Kitchener Power Corp. and Waterloo North Hydro Holding Corporation and their <br />subsidiaries Kitchener -Wilmot Hydro Inc. and Waterloo North Hydro Inc.; <br />WHEREAS on October 4, 2021 Council of The Corporation of the City of Kitchener <br />approved the Memorandum of Understanding (MOU) between The Corporation of the <br />City of Kitchener, The Corporation of the Township of Wilmot, The Corporation of the <br />City of Waterloo, The Corporation of the Township of Woolwich, The Corporation of <br />the Township of Wellesley, Kitchener Power Corp. (KPC), and Waterloo North Hydro <br />Holding Corporation (WNH), regarding the proposed merger between Kitchener <br />Power Corp. and Waterloo North Hydro Holding Corporation and their <br />subsidiaries Kitchener -Wilmot Hydro Inc. and Waterloo North Hydro Inc.; <br />AND WHEREAS The Corporation of the City of Kitchener is the beneficial and <br />registered owner of 92.25% of the issued and outstanding shares in the capital of KPC <br />and The Corporation of the Township of Wilmot is the beneficial and registered owner <br />of 7.75% of the issued and outstanding shares in the capital of KPC; <br />AND WHEREAS the Corporation of the City of Waterloo is the beneficial and <br />registered owner of 73.2% of the issued and outstanding shares in the capital of WNH, <br />the Corporation of the Township of Woolwich is the beneficial and registered owner <br />of 20.2% of the issued and outstanding shares in the capital of WNH, and The <br />Corporation of the Township of Wellesley is the beneficial and registered owner of <br />6.6% of the issued and outstanding shares in the capital of WNH; <br />*** This information is available in accessible formats upon request. *** <br />Please call 519-741-2345 or TTY 1-866-969-9994 for assistance. <br />