RE:RE:CRA or something else? I have a small position.
I had thought that the audit, and late earnings report was related to the CRA, since a few companies recently settled with the CRA for their trust conversion.
I think that since it wouldn't be a big deal, that Algonquin would have stated that the delay was due to the CRA review.
I'm now of the belief that it is something else.
Here is an article from the March 9th Missoulian:
Algonquin Power and Utilities Corp. is under investigation by a private law firm in Canada following the announcement it will be late in filing its fourth-quarter financial report.
Algonquin is the parent of Liberty Utilities, the company that wants to buy Mountain Water Co. The proposed purchase is pending before the Montana Public Service Commission.
According to a lawyer, a late earnings report does not necessarily indicate trouble at the company.
However, the news raised alarm among those who are closely following the separate paths the local water company is taking through the Public Service Commission and through a condemnation lawsuit filed by the city of Missoula.
The city wants to force the utility to be under public ownership.
On Monday, Mayor John Engen said he is pleased another party is looking into the company's practices. He also said an Algonquin officer recently was in Missoula trying to buy off the city.
"David Pasieka, Liberty’s president and an Algonquin officer, was in Missoula doing public relations work, asking surrogates to offer me a few million dollars to give up our effort to own the water company," Engen said in an email.
Pasieka responded in a statement provided by Partners Creative in Missoula.
“Liberty Utilities has made no cash settlement offer to the city – not directly and not through any intermediaries,” said Pasieka. “Our company is happy to discuss any option that more expediently results in Liberty becoming a long-term steward of Missoula's water system.”
Earlier, Algonquin spokeswoman Kelly Castledine did not address the reason for the delayed report, but she commented on the investigation.
"The matter is unrelated to Liberty Utilities and its acquisition of Mountain Water," Castledine said."
Hmmmm.... The company spokesman is willing to state what isn't the reason, but the company won't state what exactly is the reason.