SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Act of 1934
Date of Report (Date of Earliest event reported) November 30 , 1999
--------------------------------
CHUGACH ELECTRIC ASSOCIATION, INC.
(Exact name of registrant as specified in its charter)
Alaska 33-42125 92-0014224
(State or Other Jurisdiction (Commission File (IRS Employer
of Incorporation) Number) Identification No.)
5601 Minnesota Drive, Anchorage, Alaska 99518
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (907)563-7494
None
(Former Name or Former Address, if Changed Since Last Report
Item 5. Other Events
Unsolicited Acquisition Proposal by Matanuska Electric Association, Inc.
Reference is made to the information set forth under the caption "Unsolicited
Acquisition Proposal by Matanuska Electric Association, Inc." (MEA) in Item 5 of
Part II of the Report on Form 10-Q of Chugach Electric Association, Inc.
(Chugach or the Association) for the quarter ended September 30, 1999. Such
information is incorporated herein by reference.
Chugach held the special meeting of its members to consider the MEA acquisition
proposal as scheduled on November 18, 1999. Of the 14,492 ballots received and
validated, 13,156 were cast against the MEA proposal and 1,336 (9.2%) were cast
in favor. The proposal therefore fell short of the approximately 27,500 members
(including at least 2/3 of the members actually voting) that would have had to
vote in favor of the MEA Proposal in order for the members to register their
approval under Chugach's bylaws and the Alaska Electric and Telephone
Cooperative Act.
Petitions for Removal of Directors
Reference is made to the information set forth under the caption "Petitions for
Removal of Directors" in Item 5 of Part II of the Report on Form 10-Q of Chugach
Electric Association, Inc. (Chugach or the Association) for the quarter ended
September 30, 1999. Such information is incorporated herein by reference.
On November 17, 1999, the Chugach board of directors decided that Chugach would
take no further action in response to the petitions to remove five of its seven
directors from office, concluding that the petitions do not satisfy the
requirements imposed by Chugach's bylaws and applicable laws for the reasons
described in the press release issued by Chugach on November 17, 1999, that is
filed as Exhibit 99.1 hereto (see Item 6) and is incorporated by reference
herein.
Item 7. Financial Statements and Exhibits
99.1 November 17, 1999 Press Release relating to rejection
of recall petitions
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: November 30, 1999 CHUGACH ELECTRIC ASSOCIATION, INC.
By: /s/ Eugene N. Bjornstad
Eugene N. Bjornstad
General Manager
EXHIBITS
Listed below are the exhibits which are filed as part of this Report:
Exhibit
number Description Page
99.1 11/17/1999 Press Release relating to rejection
of recall petitions 5