Council members and municipal staff got some good news from Lakeland Holdings Ltd. at a committee meeting held on July 29.
Huntsville’s shareholder dividends are expected to increase from $220,000 in 2015 to an estimated $330,000 in 2016.
Love the dividends, keep them coming.
Councillor Brian Thompson.
The company offers a multitude of services, including Internet, and is expected to add another
130 km to its existing Huntsville coverage area.
Lakeland Holdings Ltd. is the first municipally owned company to purchase privately owned assets.
The holding company purchased Burk’s Falls Waterpower Corporation in 2005 and Bancroft Generating Station in 2012. Huntsville’s share of the company sits at 21.7per cent.
Burk’s Falls, Magnetawan, Sundridge, Bracebridge and Parry Sound are also shareholders. Parry Sound joined on July 1, 2014, resulting in the addition of the Cascade Generating Station to the company’s holdings.
Bracebridge is the largest shareholder at 56.31 per cent.