Brookfield Renewable Announces Renewal of Normal Course Issuer Bid for Preferred Shares
July 03 2018 - 4:30PM
All amounts in Canadian dollars unless otherwise
noted
Brookfield Renewable Partners L.P. (TSX:BEP.UN) (NYSE:BEP)
(“
Brookfield Renewable”) today announced that the
Toronto Stock Exchange (the “
TSX”) accepted a
notice filed by Brookfield Renewable Power Preferred Equity Inc.
(“
BRP Equity”) of its intention to renew its
normal course issuer bid for its outstanding Class A Preference
Shares (“
Preferred Shares”). BRP Equity is a
wholly-owned subsidiary of Brookfield Renewable. Brookfield
Renewable believes that in the event that the Preferred Shares
trade in a price range that does not fully reflect their value, the
acquisition of Preferred Shares may represent an attractive use of
available funds. There are currently five series of Preferred
Shares outstanding.
Under the normal course issuer bid, BRP Equity
is authorized to repurchase a total of approximately 10% of the
public float of each respective series of the Preferred Shares as
follows:
|
|
|
|
|
|
Series |
Ticker |
Issued andoutstandingshares1 |
Public float1 |
Averagedaily tradingvolume2 |
Maximum number ofshares subject
topurchase3 |
|
|
|
|
|
Total |
Daily |
1 |
BRF.PR.A |
5,449,675 |
5,448,875 |
3,992 |
544,887 |
1,000 |
2 |
BRF.PR.B |
4,510,389 |
4,510,389 |
1,335 |
451,038 |
1,000 |
3 |
BRF.PR.C |
9,961,399 |
9,961,399 |
3,845 |
996,139 |
1,000 |
5 |
BRF.PR.E |
7,000,000 |
4,114,504 |
2,327 |
411,450 |
1,000 |
6 |
BRF.PR.F |
7,000,000 |
7,000,000 |
2,620 |
700,000 |
1,000 |
- Calculated as at June 14, 2018.
- For the 6 months ended May 31, 2018.
- In accordance with TSX rules, any daily repurchases with
respect to the Series 1, Series 2, Series 3, Series 5 and Series 6
Preferred Shares would be limited to 1,000 Preferred Shares.
Repurchases are authorized to commence on June
27, 2018 and will terminate on June 26, 2019, or earlier should BRP
Equity complete its repurchases prior to such date. Under its prior
normal course issuer bid that commenced on June 27, 2017 and
expires on June 26, 2018, BRP Equity previously sought and received
approval from the TSX to repurchase up to 544,887 Series 1
Preferred Shares, 451,038 Series 2 Preferred Shares, 996,139 Series
3 Preferred Shares, 411,450 Series 5 Preferred Shares and 700,000
Series 6 Preferred Shares. BRP Equity has not repurchased any
Preferred Shares in the past 12 months.
Purchases of the Preferred Shares will be
effected through the facilities of the TSX, and all Preferred
Shares acquired under the normal course issuer bid will be
cancelled. Repurchases will be subject to compliance with
applicable Canadian securities laws.
From time to time, when BRP Equity does not
possess material non-public information about itself or its
securities, it may enter into automatic purchase plans with its
broker to allow for the purchase of Preferred Shares at times when
BRP Equity ordinarily would not be active in the market due to its
own internal trading blackout periods and insider trading rules.
Any such plans entered into with BRP Equity’s broker will be
adopted in accordance with applicable Canadian securities
laws. The series of Preferred Shares subject to an automatic
purchase plan may vary. Outside of these periods, Preferred
Shares will be repurchased in accordance with management’s
discretion, subject to applicable law.
Brookfield Renewable
Partners
Brookfield Renewable Partners operates one of
the world’s largest publicly traded, pure-play renewable power
platforms. Our portfolio consists of hydroelectric, wind, solar and
storage facilities in North America, South America, Europe and
Asia, and totals more than 17,000 megawatts of installed capacity
and an 8,000 megawatt development pipeline. Brookfield Renewable is
listed on the New York and Toronto stock exchanges.
Brookfield Renewable is the flagship listed
renewable power company of Brookfield Asset Management, a leading
global alternative asset manager with over US$285 billion of assets
under management.
For more information, please contact:
Media:Claire Holland(416)
369-8236claire.holland@brookfield.com
Investors:Divya Biyani(416)
369-2616divya.biyani@brookfield.com
Cautionary Statement Regarding
Forward-looking Statements
This news release contains forward-looking
information within the meaning of Canadian provincial securities
laws and "forward-looking statements" within the meaning of Section
27A of the U.S. Securities Act of 1933, as amended, Section 21E of
the U.S. Securities Exchange Act of 1934, as amended, "safe harbor"
provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities
regulations. The words “may”, "will", "expect", "should", "could",
"potential", "future", "believe", derivatives thereof and other
expressions which are predictions of or indicate future events,
trends or prospects and which do not relate to historical matters
identify forward-looking statements. Forward-looking statements in
this news release include statements regarding potential future
purchases by BRP Equity of its Preferred Shares pursuant to its
normal course issuer bid.
Although Brookfield Renewable believes that
these forward-looking statements and information are based upon
reasonable assumptions and expectations, you should not place undue
reliance on them, or any other forward-looking statements or
information in this news release. The future performance and
prospects of Brookfield Renewable are subject to a number of known
and unknown risks and uncertainties. Factors that could cause
actual results of Brookfield Renewable to differ materially from
those contemplated or implied by the statements in this news
release include weather conditions and other factors which may
impact generation levels at our facilities; economic conditions in
the jurisdictions in which we operate; our ability to sell products
and services under contract or into merchant energy
markets; our lack of control over all of our operations and
subsidiaries; our lack of access to all renewable power
acquisitions that Brookfield Asset Management Inc.
identifies; changes to government regulations, including
incentives for renewable energy; our ability to grow within our
current markets or expand into new markets; our ability to complete
development and capital projects on time and on budget; our
inability to finance our operations or fund future acquisitions due
to the status of the capital markets; the ability to effectively
source, complete and, if applicable, integrate new acquisitions and
to realize the benefits of such acquisitions; health, safety,
security or environmental incidents; regulatory risks relating to
the power markets in which we operate, including relating to the
regulation of our assets, licensing and litigation; risks relating
to our internal control environment; contract counterparties not
fulfilling their obligations; and other risks associated with the
construction, development and operation of power generating
facilities.
We caution that the foregoing list of important
factors that may affect future results is not exhaustive. The
forward-looking statements represent our views as of the date of
this news release and should not be relied upon as representing our
views as of any subsequent date. While we anticipate that
subsequent events and developments may cause our views to change,
we disclaim any obligation to update the forward-looking
statements, other than as required by applicable law. For further
information on these known and unknown risks, please see “Risk
Factors” included in our Form 20-F.
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