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A O Smith Corp V.AOS


Primary Symbol: AOS

A. O. Smith Corporation applies technologies and solutions to products manufactured and marketed worldwide. The Company operates through two segments: North America and Rest of World. Both the segments manufacture and market a comprehensive line of residential and commercial gas and electric water heaters, boilers, tanks, and water treatment products. Its Rest of World segment is primarily comprised of China, Europe, and India. The North America segment serves residential and commercial end markets with a range of products, including water heaters, boilers, water treatment products, and other. The Company also manufactures expansion tanks, commercial solar water heating systems, swimming pool and spa heaters, related products and parts. Its Lochinvar brand is a residential and commercial boiler brand in the United States. Its water softener branded products and problem well water solutions include the Hague, Impact Water, Water-Right, Master Water, Atlantic Filter and Water Tec brands.


NYSE:AOS - Post by User

Post by ok2buyon Jan 19, 2014 10:31am
554 Views
Post# 22108691

Compensation Payment

Compensation Payment In order to consider when a compensation payment could be received by the Company (AOS) the following has to be considered: 1) The Government of Alberta will be applying the Expropriation Act and the Mineral Rights Compensation Regulation. 2) The filing dates of the paperwork. Expropriation Act Reg. 31 (1) - When a certificate of approval has been registered, the expropriating authority shall serve the owner with a notice of expropriation in the prescribed form. This was served to the company on/about Oct. 18/2013 - News Release - Alberta Oilsands Receives Notice of Lease Cancellations at Clearwater. (Certificate of Approval?) Expropriation Act Reg. 31 (2) - Within 90 days after registration of the certificate of approval, the expropriating authority shall give to the owner, a written notification setting out the amount that the expropriating authority subject to subsection (3), estimates to be equal to the compensation to which the owner is then entitled in respect to the owner's interest in the land. The Company (AOS) issued a News Release on Nov. 28/2013 indicating that they had filed the necessary paperwork to claim for compensation under the Mineral Rights Compensation Regulation. The Company (AOS) issued a News Release on Jan. 14/14 indicating among other things that the Government of Alberta is currently conducting an audit of the company's supporting documents. The Government's response is within the 90 day window with respect to the certificate of approval and AOS's written claim for compensation. Furthermore, it is within the power of the Expropriating Authority to apply for an order extending the 90 day period. So, in my honest (non legal) opinion based on my interpretation of the Expropriation Act and the Mineral Rights Compensation Reg. the timelines have all been met with respect to the filing of paperwork and responses. Payment (compensation) could be received at any time now. In the event that the government has applied for a 90 day extension while they audit the paperwork, then payment could be received as late as April 2014. There is also a mechanism for the company to file an Appeal if they object to the compensation, this would obviously delay the process. As stated above, these are my opinions only. I am not a lawyer and my opinions are based on my own interpretation of the Act and Regulation as listed above and are for information only. All the best, especially to the AOS longs./ok2buy
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