Algonquin Power & Utilities Corp. – Consolidated Financial Statements ALGONQUIN POWER & UTILITIES CORP.  Notes to the Consolidated Financial Statements  December 31, 2012 and 2011   (in thousands of Canadian dollars except as noted and amounts per share)  14.  Shareholders’ capital (continued) (a) Common shares (continued)  (iii) Subscription receipts  In January 2011, in connection with the acquisition of Calpeco, the Company issued 8,523,000  common shares at a price of $3.25 per share to Emera pursuant to a subscription receipt  agreement. The $27,700 cash proceeds of the subscription receipts were used to fund a  portion of the cost of the acquisition. On May 14, 2012, in connection with the acquisition of Granite State and EnergyNorth, the  Company issued 12,000,000 common shares at a price of $5.00 per share to Emera Inc.  (“Emera”) pursuant to a subscription receipt agreement. The $60,000 cash proceeds of the  subscription receipts were used to fund a portion of the cost of the acquisitions. On June 29, 2012, in connection with the acquisition of Sandy Ridge the Company received  $15,000 from Emera relating to 2,614,006 subscription receipts representing a price of $5.74  per share and issued common shares relating to these subscription receipts in July 2012.  On July 31, 2012, in connection with the acquisition of the Midwest Gas Utilities the Company  issued 6,976,744 common shares at a price of $6.45 per share to Emera pursuant to a  subscription receipt agreement. The $45,000 cash proceeds of the subscription receipts were  used to fund a portion of the cost of the acquisition.  On December 10, 2012, in connection with the acquisition of Senate and Minonk, the  Company received $45,000 from Emera relating to the exercise of 7,842,016 subscription  receipts at a price of $5.74 per subscription receipt pursuant to a subscription receipt  agreement. The subscription receipts were converted to common shares subsequent to year  end on February 14, 2013. The $45,000 cash proceeds of the subscription receipts were used  to fund a portion of the cost of the acquisition.  On December 21, 2012, in connection with the acquisition of Emera’s noncontrolling interest in  Calpeco, the Company received $38,756 from Emera related to the exercise of 8,211,000  subscription receipts at a price of $4.72 per subscription receipt pursuant to a subscription  receipt agreement. The $38,756 proceeds of the subscription receipts were used to fund the  purchase of the noncontrolling interest. On December 27, 2012, Emera exercised 4,790,000 of  these subscription receipts and the Company issued 4,790,000 common shares in exchange.  Subsequent to year end, on February 14, 2013, the balance of 3,421,000 subscription receipts  were exercised by Emera and the Company issued 3,421,000 common shares. Following the above noted subscription receipts transactions, as of December 31, 2012 all  subscriptions receipts had been exercised for cash and 11,263,016 of those subscriptions  receipts had yet to be converted to the same number of common shares. Subsequent to year end, on February 22, 2013, in connection with the proposed acquisition of  the Georgia Utility, the Company agreed to issue 3,960,000 subscription receipts convertible  into the same number of common shares upon conditions based on the acquisition of the  Georgia Utility at a price of $7.40 per share to Emera.  The Company has a Common Shareholder Dividend Reinvestment Plan, which provides an  opportunity for shareholders to reinvest dividends for the purpose of purchasing common shares. Additional Common Shares acquired through the reinvestment of cash dividends will be  purchased in the open market or will be issued by APUC at a discount of up to 5% from the  average market price, all as determined by the Company from time to time. Subsequent to year- end, APUC issued an additional 324,051 shares under the dividend reinvestment plan. (iv) Dividend reinvestment plan 2012 Annual Report 113