DEDHAM, Mass., May 1, 2020 /CNW/ -- Atlantic Power Corporation
(NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") announced
today the final results of its substantial issuer bid to purchase
from the holders of the common shares of the Company (together with
the purchase rights associated with such common shares, the "Common
Shares") up to US$25 million of the
Common Shares (the "Offer"). The Offer expired at 5:00 p.m. (Toronto time) on April
30, 2020.
Based on the final count by Computershare Trust Company of
Canada, as depositary for the
Offer (the "Depositary"), the Company has taken up and paid for
12,500,000 Common Shares at an aggregate purchase price of
US$25 million, or US$2.00 per Common Share, excluding fees and
expenses relating to the Offer. All Common Shares purchased by the
Company under the Offer will be cancelled. The Common Shares
purchased under the Offer represent approximately 12% of the Common
Shares issued and outstanding before giving effect to the Offer.
After giving effect to the cancellation of the Common Shares
purchased by the Company under the Offer, 93,002,338 Common Shares
will be issued and outstanding.
The Company has made payment for the Common Shares tendered and
accepted for purchase by tendering the aggregate purchase price to
the Depositary in accordance with the Offer and applicable laws,
and payment to the shareholders will be completed by the Depositary
in due course. Payment for the Common Shares will be made in cash,
without interest. Any Common Shares invalidly tendered or tendered
and not purchased will be returned to the tendering shareholder
promptly by the Depositary.
The full details of the Offer are described in the Company's
offer to purchase and issuer bid circular dated March 25, 2020, as well as the related letter of
transmittal and notice of guaranteed delivery, copies of which were
filed and are available on Atlantic Power's profile at
www.sedar.com. You may also obtain a free copy of the Tender Offer
Statement and its exhibits and other related documents
filed by Atlantic Power with
the SEC at the SEC's website at www.sec.gov.
All documents referenced here are also available at Atlantic
Power's website at www.atlanticpower.com.
The "specified amount" for the purposes of subsection 191(4) of
the Income Tax Act (Canada)
in respect of each Common Share is Cdn$2.71.
This press release is for informational purposes only and is
neither an offer to purchase nor a solicitation of an offer to sell
any Common Shares.
About Atlantic Power
Atlantic Power is an independent power producer that owns power
generation assets in eleven states in the
United States and two provinces in Canada. The Company's generation projects sell
electricity and steam to investment-grade utilities and other
creditworthy large customers predominantly under long-term power
purchase agreements that have expiration dates ranging from 2020 to
2043. The Company seeks to minimize its exposure to commodity
prices through provisions in the contracts, fuel supply agreements
and hedging arrangements. The projects are diversified by
geography, fuel type, technology, dispatch profile and offtaker
(customer). Approximately 75% of the projects in operation are 100%
owned and directly operated and maintained by the Company. The
Company has expertise in operating most fuel types, including gas,
hydro, and biomass, and it owns a 40% interest in one coal
project.
Atlantic Power's shares trade on the New York Stock Exchange
under the symbol AT and on the Toronto Stock Exchange under the
symbol ATP. For more information, please visit the Company's
website at www.atlanticpower.com or contact:
Atlantic Power Corporation
Investor Relations
(617) 977-2700
info@atlanticpower.com
Copies of the Company's financial data and other publicly filed
documents are available on SEDAR at www.sedar.com or on EDGAR at
www.sec.gov/edgar.shtml under "Atlantic Power Corporation" or on
the Company's website.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release may constitute forward-looking information or forward-looking
statements within the meaning of applicable securities laws (collectively, "forward-looking statements"),
which reflect the expectations of management regarding the future growth, results of operations, performance
and business prospects and opportunities of the Company and its projects.
These statements, which are based
on certain assumptions and describe the Company's future plans, strategies and expectations, can generally be
identified by the use of the words "plans",
"expects", "does not expect", "is expected", "budget", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate",
"believes", "outlook", "objective", or "continue", or equivalents
or variations, including negative variations, of such words and
phrases, or state that certain actions, events or results, "may",
"could", "would", "should", "might" or "will" be taken, occur or be
achieved. Examples of such statements in this press release
include, but are not limited to, statements with respect to the
cancellation of Common Shares purchased under the Offer.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at or by which such
performance or results will be achieved. Please refer to the
factors discussed under "Risk Factors" and "Forward-Looking
Information" in the Company's periodic reports as filed with the
Securities and Exchange Commission from time to time for a detailed
discussion of the risks and uncertainties affecting the Company.
These risks and uncertainties include, but are not limited to,
potential risks and uncertainties relating to the ultimate
geographic spread of the novel coronavirus (COVID-19), the severity
of the disease, the duration of the COVID-19 outbreak, actions that
may be taken by governmental authorities to contain the COVID-19
outbreak or to treat its impact and the potential negative impacts
of COVID-19 on the global economy and financial markets. Although
the forward-looking statements contained in this news release are
based upon what are believed to be reasonable assumptions,
investors cannot be assured that actual results will be consistent
with these forward-looking statements, and the differences may be
material. These forward-looking statements are made as of the date
of this news release and, except as expressly required by
applicable law, the Company assumes no obligation to update or
revise them to reflect new events or circumstances.
For the avoidance of doubt, the above-mentioned Uniform Resource
Locators ("URLs") given in respect of web-site addresses are
inactive textual references only and it is not intended to
incorporate the contents of any such web sites into this news
release nor should the contents of such web sites be deemed to
be incorporated into this news release.
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SOURCE Atlantic Power Corporation