Brookfield Renewable Announces Early Termination Of Existing Normal Course Issuer Bid And Intention To Make New Normal Course...
December 10 2019 - 6:50AM
Brookfield Renewable Partners L.P. (
TSX: BEP.UN;
NYSE: BEP) (“
Brookfield
Renewable”) today announced that it has terminated its
existing normal course issuer bid for its limited partnership units
(“
Units”) effective following the close of markets
on December 11, 2019 and that the Toronto Stock Exchange (the
“
TSX”) has accepted a notice filed by Brookfield
Renewable of its intention to commence a new normal course issuer
bid for its Units. Brookfield Renewable believes that in the event
that its Units trade in a price range that does not fully reflect
their intrinsic value, the acquisition of Units may represent an
attractive use of available funds.
Brookfield Renewable is authorized to repurchase
up to 8,900,000 Units, representing approximately 5% of its issued
and outstanding Units. At the close of business on December 6,
2019, there were 178,945,449 Units issued and outstanding. Under
the normal course issuer bid, Brookfield Renewable may purchase up
to 47,001 Units on the TSX during any trading day, which represents
25% of the average daily trading volume of 188,006 Units on the TSX
for the six months ended November 30, 2019, calculated in
accordance with the rules of the TSX. Repurchases are authorized to
commence on December 12, 2019 and will terminate on December 11,
2020, or earlier should Brookfield Renewable complete its
repurchases prior to such date.
Under its existing normal course issuer bid that
commenced on December 31, 2018 and would have terminated on
December 30, 2019, Brookfield Renewable previously sought and
received approval from the TSX to purchase up to 8,900,000 Units.
Brookfield Renewable has not purchased any Units under its existing
normal course issuer bid in the past 12 months.
All purchases will be made through the
facilities of the TSX, the NYSE and/or Canadian and U.S.
alternative trading systems, if eligible, and all Units acquired
under the normal course issuer bid will be cancelled. Repurchases
will be subject to compliance with applicable United States federal
securities laws, including Rule 10b-18 under the United States
Securities Exchange Act of 1934, as amended, as well as applicable
Canadian securities laws.
From time to time, when Brookfield Renewable
does not possess material non-public information about itself or
its securities, it may enter into an automatic purchase plan with
its broker to allow for the purchase of Units, subject to certain
trading parameters, at times when Brookfield Renewable ordinarily
would not be active in the market due to its own internal trading
blackout periods and insider trading rules or otherwise. Any such
plans entered into with Brookfield Renewable’s broker will be
adopted in accordance with applicable Canadian
and U.S. securities laws including the requirements of
Rule 10b5-1 under the United States Securities Exchange Act of
1934, as amended. Outside of these periods, Units will be
repurchased in accordance with management’s discretion and in
compliance with 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 over 18,000
megawatts of installed capacity and an 8,000 megawatt development
pipeline. Brookfield Renewable is listed on the New
York and Toronto stock exchanges. Further
information is available at https://bep.brookfield.com.
Important information may be disseminated exclusively via the
website; investors should consult the site to access this
information.
Brookfield Renewable is the flagship listed
renewable power company of Brookfield Asset Management, a leading
global alternative asset manager with over $500
billion of assets under management.
Please note that Brookfield Renewable’s previous
audited annual and unaudited quarterly reports filed with
the U.S. Securities and Exchange Commission (“SEC”) and
securities regulators in Canada, are available on our website
at https://bep.brookfield.com, on SEC’s website at www.sec.gov and
on SEDAR’s website at www.sedar.com. Hard copies of the annual and
quarterly reports can be obtained free of charge upon request.
Contact information: |
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Media: |
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Investors: |
Claire Holland |
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Divya Biyani |
Vice President – Communications |
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Director – Investor Relations |
(416) 369-8236 |
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(416) 649-8172 |
claire.holland@brookfield.com |
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divya.biyani@brookfield.com |
Cautionary Statement Regarding
Forward-looking Statements
This news release contains forward-looking
statements and information within the meaning of Canadian
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. Forward-looking
statements may include estimates, plans, expectations, opinions,
forecasts, projections, guidance or other statements that are not
statements of fact. Forward-looking statements can be identified by
the use of words such as “believes” and “may” or variations of such
words and phrases and include statements regarding potential future
purchases by Brookfield Renewable. Although Brookfield
Renewable believes that these forward-looking statements and
information are based upon reasonable assumptions and expectations,
the reader 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: general economic
conditions; interest rate changes; availability of equity and debt
financing; the performance of the Units or the stock exchanges
generally; and other risks and factors described in the documents
filed by Brookfield Renewable with securities regulators in Canada
and the United States including under “Risk Factors” in Brookfield
Renewable’s most recent Annual Report on Form 20-F and other risks
and factors that are described therein.
Except as required by law, Brookfield Renewable
does not undertake any obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
whether as a result of new information, future events or
otherwise.
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