LONGUEUIL, QC, Aug. 15,
2017 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE)
("Innergex" or the "Corporation") announces that it has received
approval from the Toronto Stock Exchange ("TSX") to proceed with a
normal course issuer bid on its common shares ("Common shares")
(the "Bid").
Under the Bid, the Corporation may purchase for cancellation up
to 2,000,000 of its common shares, representing approximately 1.84%
of the 108,640,790 issued and outstanding common share of the
Corporation as at August 14,
2017.
The Bid will commence on August 17,
2017 and will terminate on August 16,
2018.
During the last six months, the average daily trading volume on
the TSX of the Corporation's Common shares was 120,778.
Consequently, in accordance with the policies of the TSX, the
Corporation will have the right to repurchase, during any one
trading day, a maximum of 30,194 Common shares, representing 25% of
the average daily trading volume. In addition, the Corporation will
be allowed to make, once per calendar week, a block purchase (as
defined in the TSX Company Manual) of Common shares not
directly or indirectly owned by insiders of the Corporation, in
accordance with the policies of the TSX.
Purchases will be made on behalf of the Corporation by a
registered broker through the facilities of the TSX at prevailing
market prices.
The Corporation believes that the market price of its Common
shares may, from time to time, not reflect the inherent value of
the Corporation, and that purchases of its Common shares pursuant
to the Bid, may represent an appropriate and desirable use of the
Corporation's funds. Therefore, the Corporation believes that it is
in its best interest to proceed with this offer.
Under the preceding normal course issuer bid which expired on
March 23, 2017, the Corporation had
not purchased any of its common shares for cancellation.
About Innergex Renewable Energy Inc.
The Corporation develops, owns and operates run-of-river
hydroelectric facilities, wind farms and solar photovoltaic farms
and carries out its operations in Quebec, Ontario and British
Columbia, Canada, France
and Idaho, USA. Its portfolio of
assets currently consists of: (i) interests in 51 operating
facilities with an aggregate net installed capacity of 1,063 MW
(gross 1,758 MW), including 31 hydroelectric facilities, 19
wind farms and one solar farm; (ii) interests in one project under
construction with a net installed capacity of 31 MW (gross 45 MW),
for which a power purchase agreement has been secured; and (iii)
prospective projects with an aggregate net capacity totalling 3,560
MW (gross 3,940 MW). Innergex Renewable Energy Inc. is rated BBB-
by S&P.
The Corporation's strategy for building shareholder value is to
develop or acquire high-quality facilities that generate
sustainable cash flows and provide an attractive risk-adjusted
return on invested capital and to distribute a stable dividend.
Forward-looking information disclaimer
This press release contains forward-looking information within
the meaning of applicable securities laws ("Forward-Looking
Information"). All information and statements other than statements
of historical facts contained in this press release is
Forward-Looking Information. Forward-Looking Information can
generally be identified by the use of words such as
"approximately", "may", "will", "could", "believes", "expects",
"intends", "should", "plans", "potential", "project",
"anticipates", "estimates", "scheduled" or "forecasts", or other
comparable terminology that states that certain events will or will
not occur, such as the possible purchase by the Corporation of its
common shares under the normal course issuer bid.
Forward-Looking Information is based on certain key assumptions
made by the Corporation, including expectations and assumptions
concerning anticipated cash flows, financial leverage and
restrictive covenants. Forward-Looking Information involves risks
and uncertainties that may cause actual results or performance to
be materially different from those expressed, implied or presented
by the Forward-Looking Information. These are referred to in the
"Risk Factors" section of the Corporation's Annual Information Form
and include, without limitation: the ability of the Corporation to
execute its strategy for building shareholder value; its ability to
raise additional capital and the state of capital markets;
liquidity risks related to derivative financial instruments;
variability in hydrology, wind regimes and solar irradiation;
delays and cost overruns in the design and construction of
projects; uncertainty surrounding the development of new
facilities; variability of installation performance and related
penalties; and the ability to secure new power purchase agreements
or to renew existing ones.
Although the Corporation believes that the expectations and
assumptions on which Forward-Looking Information is based are
reasonable under the current circumstances, readers are cautioned
not to rely unduly on this Forward-Looking Information, since no
assurance can be given that it will prove to be correct.
Forward-Looking Information contained herein is made as at the date
of this Press Release and the Corporation does not undertake any
obligation to update or revise any Forward-Looking Information,
whether as a result of events or circumstances occurring after the
date hereof, unless so required by legislation.
SOURCE Innergex Énergie Renouvelable Inc.