New Mexico Acquisition Hearing Date Announced for PNM Acquisition; Agreement with Parties is Unopposed.
ALBUQUERQUE, N.M. -- A hearing regarding PNM PNM Public Service Company of New Mexico
PNM People's National Movement (Trinidad)
PNM Perpustakaan Negara Malaysia (National Library, Malaysia)
PNM Price Negotiation Memorandum Resources' (NYSE NYSE
See: New York Stock Exchange : PNM) proposed acquisition of TNP TNP The New Paper (Singapore newspaper)
TNP Tratado de No Proliferación Nuclear (French)
TNP Trattato di Non Proliferazione Nucleare (Italian) Enterprises has been set for April 11 before a New Mexico Public Regulation Commission (PRC) hearing examiner An employee of an Administrative Agency who is charged with conducting adjudicative proceedings on matters within the scope of the jurisdiction of the agency. .
There is no opposition to the proposed acquisition. The hearing examiner is expected to provide the commission with a certification of stipulation shortly after the April 11 hearing, which was postponed from March 28 because of a scheduling conflict. If New Mexico regulators approve the acquisition, the Securities and Exchange Commission also is expected to approve the deal, providing PNM Resources with the final approval needed to complete the transaction.
In February, PNM Resources reached an agreement with New Mexico parties regarding its proposed $1.024 billion acquisition of Fort Worth-based TNP Enterprises and its subsidiaries, Texas-New Mexico Power and First Choice Power. The agreement outlines the terms of the acquisition and a plan to provide cost savings to New Mexico customers. If approved by the PRC, the agreement will be among the final steps needed to close the transaction.
Bill Real, PNM Resources senior vice president of public policy, said the New Mexico procedural schedule allows the company time to close the transaction in the second quarter of 2005.
In addition to the New Mexico agreement, PNM Resources also has an unopposed agreement in Texas. The Public Utility Commission of Texas (PUC (Public Utility Commission) A regulatory body in every state in the U.S. that governs public utilities within its jurisdiction such as electricity, gas, oil, sewer, water, transportation and telephone service. Some states call it the Public Service Commission (PSC). ) will consider the unopposed stipulation to determine whether the acquisition is in the public interest during its March 31 open meeting. The Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. and the Federal Trade Commission have given the acquisition their respective approvals to move the acquisition forward.
PNM Resources is an energy holding company based in Albuquerque, N.M. PNM, the principal subsidiary of PNM Resources, serves about 471,000 natural gas customers and 413,000 electric customers in New Mexico. The company also sells power on the wholesale market in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River
Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . PNM Resources stock is traded primarily on the NYSE under the symbol PNM. For more information about our company, see our Web site at PNM.com.
Safe Harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995
Statements made in this release and documents the company files with the SEC that relate to future events or the company's expectations, projections, estimates, intentions, goals, targets and strategies, both with respect to the company and with respect to the proposed acquisition of TNP Enterprises Inc., are made pursuant to the Private Securities Litigation Reform Act of 1995. You are cautioned that all forward-looking statements are based upon current expectations and estimates and the company assumes no obligation to update this information. Because actual results may differ materially from those expressed or implied by the forward-looking statements, PNM Resources cautions you not to place undue reliance on these statements. Many factors could cause actual results to differ, and will affect the company's future financial condition, cash flow and operating results. These factors include risks and uncertainties relating to the receipt of regulatory approvals of the proposed acquisition of TNP Enterprises Inc., the risks that the businesses will not be integrated successfully, the risk that the benefits of the acquisition will not be fully realized or will take longer to realize than expected, disruption from the proposed acquisition making it more difficult to maintain relationships with customers, employees, suppliers or other third parties, conditions in the financial markets relevant to the proposed acquisition, interest rates, weather, water supply, fuel costs, availability of fuel supplies, risk management and commodity risk transactions, seasonality and other changes in supply and demand in the market for electric power, wholesale power prices, market liquidity, the competitive environment in the electric and natural gas industries, the performance of generating units and transmission system, the ability of the company to secure long-term power sales, the risks associated with completion of the construction of Luna Energy Facility, including construction delays and unanticipated cost overruns, state and federal regulatory and legislative decisions and actions, the outcome of legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , changes in applicable accounting principles and the performance of state, regional and national economies. For a detailed discussion of the important factors that affect PNM Resources and that could cause actual results to differ from those expressed or implied by the company's forward-looking statements, please see "Management's Discussion and Analysis Management's discussion and analysis (MD&A)
A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" in the company's current and future Annual Reports on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. and Quarterly Reports on Form 10-Q Form 10-Q
See 10-Q. and the company's current and future Current Reports on Form 8-K, filed with the SEC.