-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VYs760mbE1VzMoi4B7Dooy58+fwK3WJWpoJcRjvZ7G33FSBWCdd83bhDzHh64piD bwxq1FXqzVc9/RYveM/vkA== 0000893220-98-001004.txt : 19980519 0000893220-98-001004.hdr.sgml : 19980519 ACCESSION NUMBER: 0000893220-98-001004 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19980518 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONECTIV INC CENTRAL INDEX KEY: 0001029590 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 510377417 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 35-CERT SEC ACT: SEC FILE NUMBER: 070-09155 FILM NUMBER: 98626796 BUSINESS ADDRESS: STREET 1: 800 KING STREET P O BOX 231 CITY: WILMINGTON STATE: DE ZIP: 19801 BUSINESS PHONE: 3024293448 MAIL ADDRESS: STREET 1: 800 KING ST STREET 2: P O BOX 231 CITY: WILMINGTON STATE: DE ZIP: 19801 35-CERT 1 RULE 24 - CONECTIV FILE NO. 70-9155 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 In the Matter of CERTIFICATE Conectiv OF File No. 70-9155 NOTIFICATION (Public Utility Holding Company Act of 1935) PURSUANT TO RULE 24 This Certificate of Notification is filed by Conectiv, a Delaware corporation and a registered holding company under the Public Utility Holding Company Act of 1935, as amended (the "Act") and Conectiv Resource Partners, Inc., ("Partners") a Delaware corporation and an authorized mutual service company under the act, in connection with the Form U-1 Application/Declaration (File No. 70-9155) as amended, filed by Conectiv under the Act, requesting authority, among other things, to implement a stockholders rights plan ("Plan") and to enter into a related Stockholder Rights Agreement ("Agreement") with Partners, as agent. An order was issued by the Securities and Exchange Commission ("Commission")with respect to the Proposed Transactions on April 22, 1998. Pursuant to the Plan, on April 23, 1998, the Board of Directors of Conectiv declared a dividend distribution of one Company Common Right ("Company Common Right") for each outstanding share of Conectiv Common Stock, $.01 par value per share ("Company Common Stock"), and one Class A Common Right (("Class A Common Right") (The Company Common Rights and the Class A Common Rights are hereinafter referred to as "Rights.")) for each outstanding share of Conectiv Class A Common Stock, $.01 par value per share ("Class A Common Stock") to stockholders of record at the close of business on May 11, 1998. In addition, each holder of a share of Common Stock or Class A Common Stock, as the case may be, issued after the record date would similarly be entitled to receive one Company Common Right or Class A Common Right, as the case may be, for each such share. Each Company Common Right issued to a registered holder of Company Common Stock would, after the Rights become exercisable, entitle such holder to purchase from Conectiv one one-hundredth of one share of Series 1 Junior Participating Preferred Stock at a price of $65 per share, and each Class A Common Right issued to a registered holder of Class A Common Stock would, after the Rights become exercisable, entitle such holder to purchases from Conectiv one one-hundredth of one share of Series 2 Junior Participating Preferred Stock at a price of $65 per share. Initially, the Rights are evidenced by the certificates for shares of Common Stock or Class A Common stock as the case may be and are only transferable with the certificate for the Common Stock or Class A Common Stock as the case may be. The Agreement, as executed, is incorporated as an Exhibit hereto. The foregoing transactions as described above and in the Application/Declaration have been carried out in accordance with the terms and conditions of and for the purposes represented by the Application/Declaration and the Order issued by the Commission with respect thereto. 2 S I G N A T U R E Pursuant to the requirements of the Public Utility Holding Company Act of 1935, as amended, the undersigned company has duly caused this document to be signed on its behalf by the undersigned thereunto duly authorized. CONECTIV By: /s/ Louis M. Walters -------------------- Louis M. Walters Treasurer Dated: May 18, 1998 3 EXHIBIT INDEX A-3.7 Conectiv Stockholders Rights Plan (Exhibit 99(b) to the filing of Conectiv on Form 8-K dated April 23, 1998 and incorporated by reference herein). F-2 Past-tense opinion of counsel. EX-99.F2 2 PAST-TENSE OPINION OF COUNSEL 1 Exhibit F-2 Joyce Koria Hayes, Esquire 7 Graham Court Newark, DE 19711 302-266-9211 302-266-9212 (fax) May 14, 1998 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549 Re: Conectiv SEC File Number 70-9155 Ladies and Gentlemen: I have acted as counsel for Conectiv, a Delaware corporation, in connection with its Form U-1 Application/Declaration (File No. 70-9155), as amended ("Declaration"), filed with the Securities and Exchange Commission ("Commission") with respect to the proposed transactions described therein ("Proposed Transactions"). In the Declaration, authority is requested for Conectiv to implement a stockholders rights plan ("Plan") and to enter into a related Stockholders Rights Agreement ("Agreement") with Conectiv Resource Partners, Inc. ("Partners"), a Delaware Corporation and an authorized mutual service company under the Public Utility Holding Company Act of 1935 (the "Act"), as agent. An order was issued by the Commission with respect to the Proposed Transactions on April 22, 1998. As discussed more completely in the Declaration and the Plan that was filed as an exhibit to the Declaration, pursuant to the Plan, the Board of Directors of Conectiv declared a dividend distribution of one Company Common Right ("Company Common Right") for each outstanding share of Conectiv Common Stock, $.01 par value per share ("Company Common Stock"), and one Class A Common Right (("Class A Common Right") (The Company Common Rights and the Class A Common Rights are hereinafter referred to as "Rights.")) for each outstanding share of Conectiv Class A Common Stock, $.01 par value per share ("Class A Common Stock"), to stockholders of record at the close of business on May 11, 1998. In addition, each holder of a share of Company Common Stock or Class A Common Stock, as the case may be, issued after the record date would similarly be entitled to receive one Company Common Right or Class A Common Right, as the case may be, for each such share. Each Company Common Right issued to a registered holder of Company Common Stock would, after the Rights become exercisable, entitle such holder to purchase from Conectiv one one-hundredth of one share of Series 1 Junior Participating Preferred Stock (the "Series 1 Preferred Stock") at an initial price of $65.00 per share and each Class A Common Right issued to a registered holder of Class A Common Right issued to a registered holder of Class A Common Stock would, after the Class A Common Rights become exercisable, entitle such holder to purchase from Conectiv one one-hundredth of one share of Series 2 Junior Participating Preferred Stock (the "Series 2 Preferred Stock") at an initial price of $65.00 per share. Initially, the Rights are evidenced by the certificates for shares of Common Stock or Class A Common Stock, as the case may be, to which they are attached, and will only be transferable, and will automatically be transferred with, such shares. 2 In connection with this opinion, I have examined originals or copies, certified or otherwise identified to my satisfaction, of such records of Conectiv and such other documents, certificates and corporate or other records as I have deemed necessary or appropriate as a basis for the opinions set forth herein. In my examination, I have assumed the genuineness of all signatures, the legal capacity of all persons, the authenticity of all documents submitted to me as originals, the conformity to original documents of documents submitted to me as certified or photostatic copies and the authenticity of the originals of such copies. As to various questions of fact material to such opinions I have, which relevant facts were not independently established, relied upon certificates of officers of Conectiv or statements contained in the Declaration. I have also relied, with respect to paragraphs 2, 3 and 4 of the opinions on the opinion of Potter Anderson & Corroon LLP, counsel to the Conectiv Board of Directors with respect to this matter; with respect to paragraph 1, on the opinions of Peter F. Clark, General Counsel of Conectiv as to matters of Virginia and Delaware law and Joanne M. Scanlon, attorney employed by Delmarva Power & Light Company, as to matters of New Jersey law; and with respect to paragraph 5 on the opinion of Mr. Clark. The opinions expressed below in paragraphs 3 and 4 relating to rights and privileges are subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, fraudulent transfer and similar laws relating to or affecting creditors' rights generally and (ii) principles of equity, including without limitation concepts of materiality, good faith, fair dealing and reasonableness. Based on the foregoing, and subject to the assumptions, qualifications, limitations, conditions and exceptions set forth herein, I am of the opinion that: 1. All state laws applicable to the Proposed Transactions have been complied with; however, I express no opinion as to the need to comply with state blue sky laws. 2. Conectiv is validly organized and duly existing. 3. The Rights have been validly issued and the holders of the Rights are entitled to the rights and privileges appertaining thereto set forth in the Agreement. 4. The shares of Series 1 or Series 2 Preferred Stock, when issued pursuant to the Plan, will be validly issued, fully paid and nonassessable, and the holders of such shares will be entitled to the rights and privileges appertaining thereto set forth in the Certificate of Incorporation of Conectiv as amended by the Certificates of Designation. 5. The consummation of the Proposed Transactions did not violate the legal rights of the holders of any securities issued by Conectiv or any associate company thereof. 6. The Proposed Transactions have been carried out in accordance with the Declaration. I hereby consent to the use of this opinion in connection with the Declaration. Very truly yours, /s/ Joyce Koria Hayes Joyce Koria Hayes -----END PRIVACY-ENHANCED MESSAGE-----