PUC Approves Acquisition of Cap Rock Energy
29 April 2006 - 4:42AM
PR Newswire (US)
MIDLAND, Texas, April 28 /PRNewswire-FirstCall/ -- Cap Rock Energy
Corporation (AMEX:RKE) today announced that the Public Utility
Commission of Texas (PUC) voted unanimously to approve the
acquisition of the Company by Cap Rock Holding Corporation, an
affiliate of Lindsay Goldberg & Bessemer L.P. The transaction
was approved by Cap Rock Energy's shareholders on March 10, 2006.
The Company previously received approval of the transaction from
the Federal Energy Regulatory Commission. "This transaction
represents a new era for our Company. It is good for our customers,
our employees and the communities we live in and serve, and it
delivers a substantial premium to our shareholders," said Will
West, President and CEO of Cap Rock Energy. "We believe this
transaction will provide the financial support the Company needs to
grow and prosper in the future and we look forward to closing this
transaction in the very near future." At a hearing before the PUC
Commissioners on April 19, 2006, in comments directed to a
representative of Lindsay Goldberg & Bessemer, PUC Commissioner
Barry Smitherman stated, "I'm excited that you're bringing capital
to our state. I understand your firm has a good reputation. I think
it's going to be beneficial." Once the transaction closes, Cap Rock
Energy, which is currently listed on the American Stock Exchange,
will no longer be publicly traded. In February 2002, its stock was
first issued to the public. Cap Rock and its predecessor have
provided electric distribution services to customers in Texas since
1939. The Company provides electric distribution services to over
35,000 meters in 28 counties in Texas. Its corporate office is
located in Midland, Texas. All statements, other than statements of
historical fact included in this news release, are forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Any such forward-looking statements
involve risks and uncertainties and actual results, performance or
achievements of the Company may be different from those express or
implied in the forward-looking statements. On November 4, 2005, Cap
Rock Energy entered into an agreement and plan of share exchange
with Cap Rock Holding Corporation. Subject to the terms and
conditions set forth in the agreement, Cap Rock Holding Corporation
will acquire all the outstanding shares of Cap Rock Energy common
stock for $21.75 per share. For more information, please see Cap
Rock Energy's public filings with the Securities and Exchange
Commission, which are publicly available at http://www.sec.gov/ .
DATASOURCE: Cap Rock Energy Corporation CONTACT: Ronnie Lyon of Cap
Rock Energy Corporation, +1-903-813-0377, or Web site:
http://www.sec.gov/
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