sc13dza

0000950123-09-037197.txt : 20090821 0000950123-09-037197.hdr.sgml : 20090821 20090821161754 ACCESSION NUMBER: 0000950123-09-037197 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20090821 DATE AS OF CHANGE: 20090821 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FLORIDA PUBLIC UTILITIES CO CENTRAL INDEX KEY: 0000037643 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 590539080 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-16373 FILM NUMBER: 091028859 BUSINESS ADDRESS: STREET 1: 401 S DIXIE HWY STREET 2: PO BOX 3395 CITY: WEST PALM BEACH STATE: FL ZIP: 33401 BUSINESS PHONE: 5618322461 MAIL ADDRESS: STREET 1: P.O. BOX 3395 CITY: WEST PALM BEACH STATE: FL ZIP: 33402-3395 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Energy Inc. CENTRAL INDEX KEY: 0000043350 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 270573782 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 1 FIRST AVE SOUTH STREET 2: PO BOX 2229 CITY: GREAT FALLS STATE: MT ZIP: 59401 BUSINESS PHONE: 4067917500 MAIL ADDRESS: STREET 1: 1 FIRST AVE SOUTH STREET 2: PO BOX 2229 CITY: GREAT FALLS STATE: MT ZIP: 59401 FORMER COMPANY: FORMER CONFORMED NAME: ENERGY WEST INC DATE OF NAME CHANGE: 19940324 FORMER COMPANY: FORMER CONFORMED NAME: GREAT FALLS GAS CO DATE OF NAME CHANGE: 19920703 SC 13D/A 1 l37425sc13dza.htm SC 13D/A sc13dza

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT RULE 13d-2(a)
(Amendment No. 3 )

Florida Public Utilities Company

(Name of Issuer)

Common Stock

(Title of Class of Securities)

341135101

(CUSIP Number)

Marc C. Krantz, Kohrman Jackson & Krantz P.L.L., 1375 East 9^th Street, 20^th Floor, Cleveland, OH 44114, (216) 696-8700

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

August 14, 2009

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. o

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No. 341135101		Page 2 of 5 Pages

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

Energy, Inc.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) o

(b) o

SEC USE ONLY

SOURCE OF FUNDS (SEE INSTRUCTIONS)

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

CITIZENSHIP OR PLACE OF ORGANIZATION

Montana

SOLE VOTING POWER

NUMBER OF

411,848*

SHARED VOTING POWER

BENEFICIALLY

OWNED BY

EACH

SOLE DISPOSITIVE POWER

REPORTING

PERSON

411,848*

WITH

SHARED DISPOSITIVE POWER

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

411,848*

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

6.7%

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

* Shares are held by Energy West, Incorporated, a wholly-owned subsidiary of Energy, Inc.


CUSIP No. 341135101		Page 3 of 5 Pages

Introduction.

This Amendment No. 3 to Schedule 13D is filed by Energy, Inc., a Montana corporation, relating to shares of common stock, par value $1.50 per share (the “Shares”), of Florida Public Utilities Company, a Florida corporation (“FPU”).

Item 2. Identity and Background.

Item 2(a) is amended and supplemented as follows:

(a) This Amendment No. 3 to Schedule 13D is filed by Energy, Inc., a Montana corporation (“Energy, Inc.”). Energy, Inc. is the successor to Energy West, Incorporated which is now a subsidiary of Energy, Inc.

Item 3. Source and Amount of Funds or Other Consideration.

Item 3 is amended and supplemented as follows:

The Shares reported in Item 5(c) as having been acquired by Energy, Inc. were acquired for the aggregate purchase price of approximately $178,520 (excluding commissions) with working capital of Energy, Inc.

Item 4. Purpose of Transaction.

Item 4 is amended and supplemented as follows:

On August 14, 2009, Energy, Inc. sent a letter to FPU expressing its disappointment with the proposed merger between FPU and Chesapeake Utilities Corporation. Energy, Inc. believes that FPU failed to get the best price for shareholders in the proposed merger and that FPU’s board of directors and executive officers breached their fiduciary duties to its shareholders by engaging in self-dealing in connection with the proposed merger. The letter is attached as Exhibit 7.1.

Item 5. Interest in Securities of the Issuer.

Item 5(a) and (c) is amended and supplemented as follows:

(a) According to the most recently available filing with the Securities and Exchange Commission by FPU, there are 6,140,592 Shares outstanding.

Energy, Inc. beneficially owns 411,848 Shares, or 6.7% of the outstanding Shares. As Chairman and Chief Executive Officer of Energy, Inc., Richard M. Osborne may be deemed to beneficially own the Shares owned by Energy, Inc. Mr. Osborne disclaims beneficial ownership of the Shares owned by Energy, Inc.


CUSIP No. 341135101		Page 4 of 5 Pages


			Approximate Per Share Price
Date	Number of Shares		(Excluding Commissions)
6/15/2009		2,000	$	12.95
6/15/2009		2,000	$	12.80
6/15/2009		6,141	$	12.69
6/17/2009		312	$	12.56
6/17/2009		1,362	$	12.85
6/18/2009		130	$	12.85
8/6/2009		2,000	$	13.00

Energy Inc. also acquired 3,381 Shares on July 1, 2009 through FPU’s dividend reinvestment plan.

Item 7. Material to be Filed as Exhibits.

7.1

Letter to Florida Public Utilities dated August 14, 2009

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: August 21, 2009


	Energy, Inc.
	/s/ Kevin J. Degenstein
	Kevin J. Degenstein
	President and Chief Operating Officer

Page 5 of 5 Pages

EXHIBIT INDEX


Exhibit Number		Description

7.1		Letter to Florida Public Utilities dated August 14, 2009

EX-7.1 2 l37425exv7w1.htm EX-7.1 exv7w1

Exhibit 7.1

August 14, 2009

Florida Public Utilities Company
401 South Dixie Highway
West Palm Beach, Florida 33401

Attn: John T. English — Chairman of the Board, President and Chief Executive Officer
Board of Directors

Dear Mr. English and Members of the Board of Directors of Florida Public Utilities Company:

As we have expressed previously to Florida Public Utilities (“FPU”), we are extremely disappointed with the proposed merger between FPU and Chesapeake Utilities Corporation (“Chesapeake” or “CPK”). We believe that, not only did FPU fail to get the best price for FPU’s shareholders, FPU’s board of directors and executive officers breached their fiduciary duties to FPU’s shareholders by engaging in self-dealing in connection with the transaction. All facts that are reinforced by a review of the joint preliminary proxy statement filed with the Securities and Exchange Commission on July 24, 2009 (the “Proxy Statement”). Given that is the responsibility of a board of directors to ensure that it has negotiated the best price for the shareholders, we believe that FPU’s board of directors must seriously consider its fiduciary duties to the FPU shareholders, of which we are the second largest.

Self-Dealing

With only 18 of 88 paragraphs of the Background section of the Proxy Statement devoted to actions taken by FPU in connection with the proposed merger, we were disappointed to note that most of FPU’s scant discussion of the merger transaction is devoted to negotiations regarding employment agreements for FPU’s executives. Strikingly, CPK discusses at length its thorough deliberations of its board of directors, while the limited number of FPU paragraphs lack detail and substance, apparently revealing the failures by FPU’s board to properly review this proposed transaction. Based on this scant, and potentially inadequate, disclosure in the Proxy Statement, it appears that the 2008 discussions with Chesapeake broke off due in part to the inability to reach agreement on the executive employment agreements. Clearly, the most important discussion for FPU’s shareholders would have been the exchange ratio.

Eventually, according to the Proxy Statement, in April of 2009, FPU and CPK were able to agree to terms on the proposed transaction which includes severance payments to three senior FPU executives even though only Mr. English’s existing employment agreement would have entitled him to severance in the event of a change of control of FPU. Messrs. Bachman’s and Stein’s existing employment agreements would have required them to be terminated in connection with the proposed transaction in order to receive severance. However, these individuals are receiving more than they would be entitled to under their pre-existing contracts. Chesapeake is

Florida Public Utilities Company
August 14, 2009
Page 2

retaining Messrs. Bachman and Stein and paying them their severance. Although you termed these payments as “stay bonuses” in the April 20, 2009 press release, they are in fact the exact same amount as the severance payments under their employment agreements. In addition, FPU and Chesapeake will enter into new employment agreements with Messrs. Bachman and Stein upon closing of the transaction that will entitle them to additional severance upon termination of their employment if there is another change of control, thereby paying them severance twice. If Messrs. Bachman and Stein were not entitled to severance in connection with the proposed transaction, why is more than $1 million being paid to them instead of to FPU shareholders?

In addition, Mr. English is being paid his severance of approximately $740,000 in connection with his termination upon closing of the proposed transaction as well as an additional $204,000 over the next two years to perform “consulting” services for Chesapeake. As a member of FPU’s board of directors, Mr. English voted in favor of the proposed transaction with Chesapeake and that transaction will personally enrich Mr. English.

In total, approximately $2.0 million, or $0.33 per share, is being paid to executives of FPU — a substantial portion of which these executives were not contractually entitled to — instead of being paid to FPU’s shareholders. FPU’s board of directors and executive officers are obligated to maximize shareholder value, not structure a transaction that is essentially beneficial to themselves.

Inadequate Price

We also believe that the merger consideration is inadequate for FPU shareholders and undervalues FPU.

FPU engaged in 18 months of discussions with Chesapeake without ever investigating if other bidders existed or seeking competing bids. In fact, you ignored our April 10^th offer letter without even checking with us to see if we would be willing to increase our offer, a sure sign that you had no interest in seeing if a better price was obtainable for FPU shareholders.

We believe that the lack of any market check reduces the price transparency and fails to ensure that FPU’s shareholders are receiving the highest value. To make matters worse, even though FPU did not conduct a pre-signing market check, the merger agreement contains a “no solicitation” provision whereby FPU cannot solicit or seek another offer for FPU even if they believe that the other offer would be superior to Chesapeake’s offer. On top of that anti-shareholder provision, FPU agreed to pay Chesapeake a $3.4 million termination fee if FPU were to accept an unsolicited offer that was superior to the Chesapeake offer. This $3.4 million termination fee is approximately 4.6% of the equity value of the Chesapeake offer and acts as a severe deterrent to potential third party bidders.

Florida Public Utilities Company
August 14, 2009
Page 3

According to your Proxy Statement, during almost all of the 18 months of discussions between FPU and Chesapeake, an exchange ratio was never specified. Nevertheless, the Proxy Statement reveals that all the while FPU was devoting a significant amount of time to discussing and negotiating severance payments and new employment and consulting agreements for FPU’s executive officers, which ultimately deprived FPU shareholders of an additional $0.33 per share in merger consideration.

In addition, the merger agreement was executed just prior to the approval of FPU’s rate case with the Florida Public Service Commission, allowing Chesapeake to take advantage of these future revenues while depriving FPU shareholders of the potential value of these revenues.

Based on our understanding of the process that FPU’s Board followed as outlined in the Proxy Statement, we expect to vote “no” on the proposed merger with Chesapeake. We encourage all other shareholders to do the same.


		Very truly yours,
		/s/ Richard M. Osborne
		By: Richard M. Osborne, Chairman and CEO

cc:

Chesapeake Utilities Corporation — Mr. John R. Schimkaitis — President and Chief Executive Officer and the Board of Directors

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