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<TITLE>Form 8-K</TITLE>
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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): March 31, 2009</B>


<P style="font-size: 24pt" align="center"><B>UNISOURCE ENERGY
CORPORATION<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
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  <TD width="32%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Arizona</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>1-13739</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>86-0786732</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>One South Church Avenue,
Suite 100<BR>
Tucson, AZ<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>85701</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(520) 571-4000</B>
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cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
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 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
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<P style="font-size: 10pt" align="center">&nbsp;

<P style="font-size: 10pt" align="left"><U><B>Item&nbsp;8.01 &#8211; Other
Events. </B></U>

<P style="font-size: 10pt" align="left"><B>Shareholder Rights Agreement</B>

<P>
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  <TD nowrap align="left" width="3%">A.</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>Expiration of Rights</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt; text-indent: 3%" align="left">The Board of Directors
of UniSource Energy Corporation (&#8220;UniSource Energy&#8221;) has allowed
all of the preferred share purchase rights (&#8220;Rights&#8221;) issued under
the Rights Agreement, dated as of March&nbsp;5, 1999, between UniSource Energy
and The Bank of New York Mellon (formerly known as The Bank of New York), to
expire in accordance with their terms at 5:00 P.M., New York time, on
March&nbsp;31, 2009. The Board has not adopted any policy concerning the
adoption of any future shareholder rights plans.

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style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%">B.</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>Description of Common Stock</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt; text-indent: 3%" align="left">The following
&#8220;Description of Capital Stock&#8221; shall supersede all prior
descriptions by UniSource Energy of its capital stock:

<P style="font-size: 10pt" align="center"><B>DESCRIPTION OF CAPITAL STOCK</B>

<P style="font-size: 10pt" align="left"><B>GENERAL</B>

<P style="font-size: 10pt; text-indent: 3%" align="left">The authorized capital
stock of UniSource Energy presently consists of 76,000,000 shares, of which
75,000,000 shares are common stock without par value, and 1,000,000 shares are
preferred stock without par value (&#8220;Preferred Stock&#8221;),
(collectively, the &#8220;Shares&#8221;). As of March&nbsp;15, 2009, there were
35,610,300 shares of common stock outstanding and no shares of Preferred Stock
outstanding.

<P style="font-size: 10pt; text-indent: 3%" align="left">The following is a
summary of certain rights and privileges of the holders of the Shares. This
summary does not purport to be complete. The following information is qualified
in its entirety by reference to UniSource Energy&#8217;s Amended and Restated
Articles of Incorporation and to the laws of the State of Arizona.

<P style="font-size: 10pt" align="left"><B>COMMON STOCK</B>

<P style="font-size: 10pt; text-indent: 3%" align="left"><B>Dividend Rights.
</B>UniSource Energy may pay dividends on shares of common stock out of any
funds legally available for payment, when and as declared by our Board of
Directors. Payment of dividends may be subject to certain limitations specified
with respect to the Preferred Stock, or any series of Preferred Stock.

<P style="font-size: 10pt; text-indent: 3%" align="left"><B>Liquidation
Rights</B>. In the event of any dissolution or other winding up of UniSource
Energy, whether voluntary or involuntary, the assets of UniSource Energy
available for payment and distribution to shareholders shall be distributed
ratably in accordance with their holdings to the holders of shares of the
common stock. Those distributions may be subject to certain limitations
specified with respect to the Preferred Stock, or any series of Preferred Stock.

<P style="font-size: 10pt; text-indent: 3%" align="left"><B>Voting Rights.
</B>All voting power is vested in the holders of the common stock, except as
otherwise specified with respect to the Preferred Stock, or any series of
Preferred Stock. With respect to the election of directors and each other
matter coming before any meeting of shareholders, each holder of the common
stock shall be entitled to one (1) vote for each share of such stock
outstanding in the name of that holder on the books of UniSource Energy.

<P style="font-size: 10pt; text-indent: 3%" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt; text-indent: 3%" align="left"><B>Miscellaneous.
</B>The common stock has no preemptive or conversion rights or redemption or
sinking fund provisions and the outstanding common stock is fully paid and
non-assessable.

<P style="font-size: 10pt" align="left"><B>PREFERRED STOCK</B>

<P style="font-size: 10pt; text-indent: 3%" align="left">Our Board of Directors
has authority to divide the Preferred Stock into series and to determine the
designation, preferences, and voting powers of the shares of each series so
established and the restrictions and qualifications thereof, all to the extent
and in the manner provided by law.

<P style="font-size: 10pt" align="left"><B>ARIZONA BUSINESS COMBINATION
STATUTE</B>

<P style="font-size: 10pt; text-indent: 5%" align="left"><B>General. </B>The
Arizona business combination statute would limit our ability to engage in
Business Combinations with Interested Shareholders (each as defined below).

<P style="font-size: 10pt; text-indent: 5%" align="left">&#8220;Business
Combination&#8221; means any (A)&nbsp;merger or consolidation of UniSource
Energy or any UniSource Energy subsidiary with an Interested Shareholder,
(B)&nbsp;exchange of shares of UniSource Energy common stock or any UniSource
Energy subsidiary for shares of an Interested Shareholder, or (C)&nbsp;sale,
lease, transfer or other disposition to or with an Interested Shareholder of
10% or more of the consolidated assets of UniSource Energy.

<P style="font-size: 10pt; text-indent: 5%" align="left">&#8220;Interested
Shareholder&#8221; means any person other than UniSource Energy or a UniSource
Energy subsidiary that is either (A)&nbsp;a direct or indirect beneficial owner
of 10% or more of the voting power of the outstanding UniSource Energy common
stock or (B)&nbsp;an affiliate of UniSource Energy who at any time during the
three years immediately before the date in question was the beneficial owner of
10% or more of the voting power of the then outstanding UniSource Energy common
stock.

<P style="font-size: 10pt; text-indent: 5%" align="left">&#8220;Share
Acquisition Date&#8221; means the date that a person first becomes an
Interested Shareholder of UniSource Energy.

<P style="font-size: 10pt; text-indent: 5%" align="left"><B>Business
Combinations Within Three Years After Share Acquisition Date. </B>For three
years after an Interested Shareholder&#8217;s Share Acquisition Date, UniSource
Energy may not directly or indirectly engage in any Business Combination with
an Interested Shareholder or any affiliate of an Interested Shareholder unless,
before the Interested Shareholder&#8217;s Share Acquisition Date, a committee
of disinterested directors approved either:

<P>
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border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="6%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>the Business Combination; or</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="6%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>the acquisition of common stock made by the Interested Shareholder on the
Interested Shareholder&#8217;s Share Acquisition Date.</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt; text-indent: 5%" align="left"><B>Business
Combinations More Than Three Years After Share Acquisition Date. </B>If a
committee of disinterested directors has not approved the Business Combination
or the acquisition of common stock as provided above, UniSource Energy may not
directly or indirectly engage in any Business Combination with an Interested
Shareholder or any affiliate of an Interested Shareholder unless:

<P>
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border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="6%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>the Business Combination is consummated no earlier than three years after
the Interested Shareholder&#8217;s Share Acquisition Date, and before the Share
Acquisition Date, the UniSource Energy Board of Directors approved either:</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="10%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>the Business Combination; or</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="10%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>the acquisition of common stock made by the Interested Shareholder on the
Share Acquisition Date; or</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
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</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="6%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>the Business Combination is approved no earlier than three years after
the Interested Shareholder&#8217;s Share Acquisition Date by the affirmative
vote of a majority of the outstanding voting shares of UniSource Energy common
stock (excluding shares of common stock beneficially owned by the Interested
Shareholder or any affiliate thereof);</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="6%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>the Business Combination is consummated no earlier than three years after
the Interested Shareholder&#8217;s Share Date and meets certain specified
conditions designed to ensure against discriminatory pricing.</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left"><B>ARIZONA CONTROL SHARE ACQUISITION
STATUTE</B>

<P style="font-size: 10pt; text-indent: 5%" align="left"><B>General. </B>The
Arizona control share acquisition statute would limit the voting rights of a
person who acquires shares of UniSource Energy under certain circumstances in a
control share acquisition (as defined below).

<P style="font-size: 10pt; text-indent: 5%" align="left">&#8220;Control Share
Acquisition&#8221; means an acquisition, directly or indirectly (in one or more
transactions within 120 days or pursuant to a plan), by a person of beneficial
ownership of shares of UniSource Energy common stock that would, but for the
limitations in the control share acquisition statute, entitle the acquiring
person to exercise a new range of voting power within the following specified
ranges: (A)&nbsp;at least 20% but less than 33-1/3%, (B)&nbsp;at least 33-1/3%
but less than or equal to 50% and (C)&nbsp;over 50%.

<P style="font-size: 10pt; text-indent: 5%" align="left"><B>Information
Statement. </B>Within ten days after a Control Share Acquisition, the acquiring
person must deliver to the corporation an information statement specifying,
among other things, the range of voting power in the election of directors
that, but for the limitations in the statute, the acquiring person believes
would result from the Control Share Acquisition. At the time of delivery of the
information statement, the acquiring person may request that a special meeting
of shareholders be called to consider the voting rights of &#8220;excess&#8221;
shares (referred to below).

<P style="font-size: 10pt; text-indent: 5%" align="left"><B>Limitation on
Voting Rights of &#8220;Excess&#8221; Shares. </B>To the extent that shares of
UniSource Energy common stock acquired in a Control Share Acquisition exceed
the threshold of voting power of any of the next specified range of voting
power, such &#8220;excess&#8221; shares will have the same voting rights as
other shares of UniSource Energy common stock for election of directors but
will not have the right to vote on other matters unless approved by a
shareholder resolution at an annual or special meeting. Such resolution must be
approved by the affirmative vote of a majority of the outstanding voting shares
of UniSource Energy common stock (excluding shares owned by the acquiring
person, its affiliates or any officer or director of UniSource Energy).

<P style="font-size: 10pt; text-indent: 5%" align="left"><B>Financing
Agreement. </B>The status of voting rights of &#8220;excess&#8221; shares is
not required to be presented for consideration at any meeting of shareholders
unless, at the time of delivery of the information statement referred to above,
the acquiring person has entered into a definitive financing agreement for any
financing of the acquisition not to be provided by monies of the acquiring
person.

<P style="font-size: 10pt; text-indent: 5%" align="left"><B>Redemption by
UniSource Energy. </B>If an acquiring person fails to deliver the required
information statement within ten days after a Control Share Acquisition or if
the UniSource Energy shareholders have voted not to accord voting rights to an
acquiring person&#8217;s &#8220;excess&#8221; shares referred to above, then
UniSource Energy may call for the redemption of such &#8220;excess&#8221;
shares at the fair market value of those shares at the time the call for
redemption is given.

<P style="font-size: 10pt" align="left"><B>ANTITAKEOVER EFFECT</B>

<P style="font-size: 10pt; text-indent: 3%" align="left">The provisions of
Arizona Law described above, individually or collectively, may discourage,
deter, delay or impede a tender offer or other attempt to acquire control of
UniSource Energy even if the transaction would result in the shareholders
receiving a premium for their shares over current market prices or if the
shareholders otherwise believe the transaction would be in their best interests.

<P style="font-size: 10pt; text-indent: 3%" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 3%" align="left">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.

<P style="font-size: 10pt; margin-left: 55%" align="left"><B>UNISOURCE ENERGY
CORPORATION</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="50%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="45%">&nbsp;</TD>
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  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Date: April&nbsp;1, 2009 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">/s/ Kevin P. Larson</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD style="border-top: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Kevin P. Larson</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Senior Vice President and Chief Financial
Officer</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">5
</DIV>
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Form 8-K
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): March 31, 2009
UNISOURCE ENERGY
CORPORATION
(Exact name of registrant as
specified in its charter)
Arizona
1-13739
86-0786732
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
One South Church Avenue,
Suite 100
Tucson, AZ
85701
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(520) 571-4000
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 – Other
Events.
Shareholder Rights Agreement
A.
Expiration of Rights
The Board of Directors
of UniSource Energy Corporation ("UniSource Energy") has allowed
all of the preferred share purchase rights ("Rights") issued under
the Rights Agreement, dated as of March 5, 1999, between UniSource Energy
and The Bank of New York Mellon (formerly known as The Bank of New York), to
expire in accordance with their terms at 5:00 P.M., New York time, on
March 31, 2009. The Board has not adopted any policy concerning the
adoption of any future shareholder rights plans.
B.
Description of Common Stock
The following
"Description of Capital Stock" shall supersede all prior
descriptions by UniSource Energy of its capital stock:
DESCRIPTION OF CAPITAL STOCK
GENERAL
The authorized capital
stock of UniSource Energy presently consists of 76,000,000 shares, of which
75,000,000 shares are common stock without par value, and 1,000,000 shares are
preferred stock without par value ("Preferred Stock"),
(collectively, the "Shares"). As of March 15, 2009, there were
35,610,300 shares of common stock outstanding and no shares of Preferred Stock
outstanding.
The following is a
summary of certain rights and privileges of the holders of the Shares. This
summary does not purport to be complete. The following information is qualified
in its entirety by reference to UniSource Energy's Amended and Restated
Articles of Incorporation and to the laws of the State of Arizona.
COMMON STOCK
Dividend Rights.
UniSource Energy may pay dividends on shares of common stock out of any
funds legally available for payment, when and as declared by our Board of
Directors. Payment of dividends may be subject to certain limitations specified
with respect to the Preferred Stock, or any series of Preferred Stock.
Liquidation
Rights
. In the event of any dissolution or other winding up of UniSource
Energy, whether voluntary or involuntary, the assets of UniSource Energy
available for payment and distribution to shareholders shall be distributed
ratably in accordance with their holdings to the holders of shares of the
common stock. Those distributions may be subject to certain limitations
specified with respect to the Preferred Stock, or any series of Preferred Stock.
Voting Rights.
All voting power is vested in the holders of the common stock, except as
otherwise specified with respect to the Preferred Stock, or any series of
Preferred Stock. With respect to the election of directors and each other
matter coming before any meeting of shareholders, each holder of the common
stock shall be entitled to one (1) vote for each share of such stock
outstanding in the name of that holder on the books of UniSource Energy.
Miscellaneous.
The common stock has no preemptive or conversion rights or redemption or
sinking fund provisions and the outstanding common stock is fully paid and
non-assessable.
PREFERRED STOCK
Our Board of Directors
has authority to divide the Preferred Stock into series and to determine the
designation, preferences, and voting powers of the shares of each series so
established and the restrictions and qualifications thereof, all to the extent
and in the manner provided by law.
ARIZONA BUSINESS COMBINATION
STATUTE
General.
The
Arizona business combination statute would limit our ability to engage in
Business Combinations with Interested Shareholders (each as defined below).
"Business
Combination" means any (A) merger or consolidation of UniSource
Energy or any UniSource Energy subsidiary with an Interested Shareholder,
(B) exchange of shares of UniSource Energy common stock or any UniSource
Energy subsidiary for shares of an Interested Shareholder, or (C) sale,
lease, transfer or other disposition to or with an Interested Shareholder of
10% or more of the consolidated assets of UniSource Energy.
"Interested
Shareholder" means any person other than UniSource Energy or a UniSource
Energy subsidiary that is either (A) a direct or indirect beneficial owner
of 10% or more of the voting power of the outstanding UniSource Energy common
stock or (B) an affiliate of UniSource Energy who at any time during the
three years immediately before the date in question was the beneficial owner of
10% or more of the voting power of the then outstanding UniSource Energy common
stock.
"Share
Acquisition Date" means the date that a person first becomes an
Interested Shareholder of UniSource Energy.
Business
Combinations Within Three Years After Share Acquisition Date.
For three
years after an Interested Shareholder's Share Acquisition Date, UniSource
Energy may not directly or indirectly engage in any Business Combination with
an Interested Shareholder or any affiliate of an Interested Shareholder unless,
before the Interested Shareholder's Share Acquisition Date, a committee
of disinterested directors approved either:
•
the Business Combination; or
•
the acquisition of common stock made by the Interested Shareholder on the
Interested Shareholder's Share Acquisition Date.
Business
Combinations More Than Three Years After Share Acquisition Date.
If a
committee of disinterested directors has not approved the Business Combination
or the acquisition of common stock as provided above, UniSource Energy may not
directly or indirectly engage in any Business Combination with an Interested
Shareholder or any affiliate of an Interested Shareholder unless:
•
the Business Combination is consummated no earlier than three years after
the Interested Shareholder's Share Acquisition Date, and before the Share
Acquisition Date, the UniSource Energy Board of Directors approved either:
•
the Business Combination; or
•
the acquisition of common stock made by the Interested Shareholder on the
Share Acquisition Date; or
•
the Business Combination is approved no earlier than three years after
the Interested Shareholder's Share Acquisition Date by the affirmative
vote of a majority of the outstanding voting shares of UniSource Energy common
stock (excluding shares of common stock beneficially owned by the Interested
Shareholder or any affiliate thereof);
•
the Business Combination is consummated no earlier than three years after
the Interested Shareholder's Share Date and meets certain specified
conditions designed to ensure against discriminatory pricing.
ARIZONA CONTROL SHARE ACQUISITION
STATUTE
General.
The
Arizona control share acquisition statute would limit the voting rights of a
person who acquires shares of UniSource Energy under certain circumstances in a
control share acquisition (as defined below).
"Control Share
Acquisition" means an acquisition, directly or indirectly (in one or more
transactions within 120 days or pursuant to a plan), by a person of beneficial
ownership of shares of UniSource Energy common stock that would, but for the
limitations in the control share acquisition statute, entitle the acquiring
person to exercise a new range of voting power within the following specified
ranges: (A) at least 20% but less than 33-1/3%, (B) at least 33-1/3%
but less than or equal to 50% and (C) over 50%.
Information
Statement.
Within ten days after a Control Share Acquisition, the acquiring
person must deliver to the corporation an information statement specifying,
among other things, the range of voting power in the election of directors
that, but for the limitations in the statute, the acquiring person believes
would result from the Control Share Acquisition. At the time of delivery of the
information statement, the acquiring person may request that a special meeting
of shareholders be called to consider the voting rights of "excess"
shares (referred to below).
Limitation on
Voting Rights of "Excess" Shares.
To the extent that shares of
UniSource Energy common stock acquired in a Control Share Acquisition exceed
the threshold of voting power of any of the next specified range of voting
power, such "excess" shares will have the same voting rights as
other shares of UniSource Energy common stock for election of directors but
will not have the right to vote on other matters unless approved by a
shareholder resolution at an annual or special meeting. Such resolution must be
approved by the affirmative vote of a majority of the outstanding voting shares
of UniSource Energy common stock (excluding shares owned by the acquiring
person, its affiliates or any officer or director of UniSource Energy).
Financing
Agreement.
The status of voting rights of "excess" shares is
not required to be presented for consideration at any meeting of shareholders
unless, at the time of delivery of the information statement referred to above,
the acquiring person has entered into a definitive financing agreement for any
financing of the acquisition not to be provided by monies of the acquiring
person.
Redemption by
UniSource Energy.
If an acquiring person fails to deliver the required
information statement within ten days after a Control Share Acquisition or if
the UniSource Energy shareholders have voted not to accord voting rights to an
acquiring person's "excess" shares referred to above, then
UniSource Energy may call for the redemption of such "excess"
shares at the fair market value of those shares at the time the call for
redemption is given.
ANTITAKEOVER EFFECT
The provisions of
Arizona Law described above, individually or collectively, may discourage,
deter, delay or impede a tender offer or other attempt to acquire control of
UniSource Energy even if the transaction would result in the shareholders
receiving a premium for their shares over current market prices or if the
shareholders otherwise believe the transaction would be in their best interests.
SIGNATURES
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.
UNISOURCE ENERGY
CORPORATION
Date: April 1, 2009
/s/ Kevin P. Larson
Kevin P. Larson
Senior Vice President and Chief Financial
Officer