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UI Shareholders Approve Holding Company Structure
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Business New Haven
4/3/2000
By: Kristine Hansen
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NEW HAVEN - United Illuminating Co. (NYSE: UIL) shareholders have approved the company's plans to transform itself into a holding company to be named UIL Holdings Corp. The new holding company will be the publicly traded entity which will hold two operating groups. The regulated business will operate under the name UI. The non-regulated business - which will include American Payment Systems, Precision Power, United Capital Investments and United Bridgeport Energy - will operate under the name United Resources Inc. The plan, previously approved by Connecticut regulators, is expected to be in place by June.
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