CARIBBEAN UTILITIES COMPANY, LTD SHAREHOLDERS APPROVE ELECTION OF DIRECTORS, APPOINTMENT OF AUDITORS AND AMENDMENT OF ARTICLES

CARIBBEAN UTILITIES COMPANY, LTD. CLASS A COMMON SHARES ARE LISTED FOR TRADING UNITED STATES FUNDS ON THE TORONTO STOCK TO EXCHANGE.

GRAND CAIMAN, Cayman Islands, May 10, 2022 /CNW/ – Caribbean Utilities Company, Ltd. CHOPPED OFF (“CUC” or “the Company”) announced that the nominees listed in the notice to shareholders and the management information circular of the Company dated March 11, 2022 were elected as Directors of Caribbean Utilities Company, Ltd at the Company’s Annual General and Special Meeting of Shareholders (“the AGSM”), held on May 10, 2022 in Grand Cayman, Cayman Islands.

Election of directors
The following nominees have been elected to serve on CUC’s Board of Directors until the Company’s next annual meeting or until their successors are elected or appointed. Notwithstanding that the motions were carried by a show of hands at the meeting, the votes recorded by proxy prior to the meeting were as follows:

Nominees

vote for

Votes withheld

Mrs. Jennifer P. Dilbert

23,896,973

89.58%

6,708

0.025%

Mrs. Sheree L. Ebanks

23,896,566

89.58%

7,115

0.027%

Mrs. Jennifer Frizzelle

23,894,906

89.58%

8,775

0.033%

Mr. Woodrow S. Foster

23,894,846

89.58%

8,835

0.033%

Mrs. Susan M. Gray

23,894,746

89.57%

8,935

0.033%

Mrs. Sophia A. Harris

23,896,466

89.58%

7,215

0.027%

Mr. R. Scott Hawkes

23,898,143

89.59%

5,538

0.021%

MJF Richard Hew

23,897,743

89.59%

5,938

0.022%

Mrs. Gretchen L. Holloway

23,892,426

89.57%

11,255

0.042%

Mr. Mark R. Macfee

23,896,466

89.58%

7,215

0.027%

Mr. Gary J. Smith

23,892,326

89.57%

11,355

0.043%


Appointment of auditors
Company shareholders have approved the appointment of Deloitte LLP. as auditors of CUC until the next annual meeting of the Company, and the Board of Directors has been authorized to fix the remuneration of the auditors.

vote for

Votes withheld

26,666.41

99.97%

9,273

0.035%


Modification of the statutes
By special resolution, set forth in the AGSM Management Information Circular dated March 11, 2022The shareholders of the Company have approved the modification of the articles of association of the Company.

vote for

Votes against

23,777,737

89.14%

125,944

0.472%


Retirements from the Board of Directors
The chairman of the board of directors, Mr. David Richand long-term director Mr. Peter Thomson, retired from his duties as a director on the board of directors of the AGSM. During his address to shareholders, the President and Chief Executive Officer, Mr. JF Richard Hew expressed the gratitude of management and employees for the invaluable and dedicated service rendered to the Corporation by the outgoing directors.

At a meeting of the new Board of Directors following the AGSM, Ms. Sheree L. Ebanks was named the new Chairman of the Board of Directors. Ms. Ebanks was elected to the Board of Directors in May 2014 and was appointed Chairman of the Audit Committee of the Board of Directors in May 2020. Mr. Hew welcomed Ms. Ebanks to her new role and highlighted the historic milestone for the company in the appointment of the first woman president of the board of directors.

CUC provides electricity to Grand Cayman, Cayman Islandsunder a non-exclusive power generation license expiring in 2039 and an exclusive power transmission and distribution license expiring in 2028. Further information is available at www.cuc-cayman.com.

Caribbean Utilities Company, Ltd. (“CUC” or “the Company”) includes forward-looking statements from time to time in its press releases, filings with Canadian securities regulators, reports to shareholders and other communications. Forward-looking statements include statements that are predictive in nature, depend on future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “intends”, “target”, “projects”, “forecasts”, “schedule”, or their negative versions and other similar expressions, or future or conditional verbs such as “may”, “will”, “should” , “would” and “could”. Forward-looking statements are based on underlying assumptions and the beliefs, estimates and opinions of management, and are subject to certain risks and uncertainties surrounding future expectations generally, which may cause actual results to differ from plans. , targets and estimates. These risks and uncertainties include, but are not limited to, operational, general economic, market and business conditions, regulatory developments and weather conditions. CUC cautions readers that actual results may differ materially from those expected if certain risks or uncertainties materialize or underlying assumptions prove incorrect. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans regarding the future. Readers are cautioned that this information may not be suitable for other purposes. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Caribbean Utilities Company, Ltd.

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