Capital Power provides redemption notice on Preferred Shares, Series 11
May 15 2024 - 9:15AM
Capital Power Corporation (“Capital Power” or the “Company”)
(TSX:CPX) announced today that it intends to redeem all of its
6,000,000 issued and outstanding 5.75% Cumulative Minimum Rate
Reset Preference Shares, Series 11 (the “Series 11 Shares”) (TSX:
CPX.PR.K) on June 30, 2024 (the “Redemption Date”) at a price of
$25.00 per share (the “Redemption Price”) for an aggregate total of
$150 million, less any tax required to be deducted and withheld by
the Company. As June 30, 2024 is not a business day payment of the
Redemption Price will occur on July 2, 2024.
As previously announced, the Company’s Board of
Directors has declared a quarterly dividend of $0.359375 per Series
11 Share payable on June 28, 2024 (the “Q2 2024 Quarterly
Dividend”) to shareholders of record as of June 17, 2024. This will
be the final quarterly dividend on the Series 11 Shares.
The Company has provided notice today of the
Redemption Price and the Redemption Date to the sole registered
holder of the Series 11 Shares in accordance with their terms.
Non-registered holders of Series 11 Shares should contact their
broker or other intermediary for information regarding the
redemption process for the Series 11 Shares in which they hold a
beneficial interest.
Forward-looking
Information:
Forward-looking information or statements
included in this press release are provided to inform the Company’s
shareholders and potential investors about management’s assessment
of Capital Power’s future plans and operations. This information
may not be appropriate for other purposes. The forward-looking
information in this press release is generally identified by words
such as will, anticipate, believe, plan, intend, target, and expect
or similar words that suggest future outcomes.
Forward-looking information in this press
release includes expectations regarding the redemption of the
Series 11 Shares and the payment of dividends.
These statements are based on certain
assumptions and analyses made by the Company considering its
experience and perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate including its review of purchased businesses and
assets. The material factors and assumptions used to develop these
forward-looking statements relate to: (i) electricity, other energy
and carbon prices, (ii) performance, (iii) business prospects
(including potential re-contracting of facilities) and
opportunities including expected growth and capital projects, (iv)
status of and impact of policy, legislation and regulations and (v)
effective tax rates.
Whether actual results, performance or
achievements will conform to the Company’s expectations and
predictions is subject to a number of known and unknown risks and
uncertainties which could cause actual results and experience to
differ materially from the Company’s expectations. Such material
risks and uncertainties are: (i) changes in electricity, natural
gas and carbon prices in markets in which the Company operates and
the use of derivatives, (ii) regulatory and political environments
including changes to environmental, climate, financial reporting,
market structure and tax legislation, (iii) disruptions, or price
volatility within our supply chains, (iv) generation facility
availability, wind capacity factor and performance including
maintenance expenditures, (v) ability to fund current and future
capital and working capital needs, (vi) acquisitions and
developments including timing and costs of regulatory approvals and
construction, (vii) changes in the availability of fuel, (viii)
ability to realize the anticipated benefits of acquisitions, (ix)
limitations inherent in the Company’s review of acquired assets,
(x) changes in general economic and competitive conditions and (xi)
changes in the performance and cost of technologies and the
development of new technologies, new energy efficient products,
services and programs. See Risks and Risk Management in the
Company’s Integrated Annual Report for the year ended
December 31, 2023, prepared as of February 27, 2024, for further
discussion of these and other risks.
Readers are cautioned not to place undue
reliance on any such forward-looking statements, which speak only
as of the specified approval date. The Company does not undertake
or accept any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in the Company’s expectations or any change in events,
conditions or circumstances on which any such statement is based,
except as required by law.
Territorial AcknowledgementIn
the spirit of reconciliation, Capital Power respectfully
acknowledges that we operate within the ancestral homelands,
traditional and treaty territories of the Indigenous Peoples of
Turtle Island, or North America. Capital Power’s head office is
located within the traditional and contemporary home of many
Indigenous Peoples of the Treaty 6 region and Métis Nation of
Alberta Region 4. We acknowledge the diverse Indigenous communities
that are located in these areas and whose presence continues to
enrich the community.
About Capital PowerCapital
Power is a growth-oriented power producer committed to net zero by
2045, with approximately 9,300 MW of power generation at 32
facilities across North America. We
prioritize delivering reliable and affordable power
communities can depend on today, building clean power
systems needed for tomorrow, and creating balanced
solutions for our energy future. We are Powering Change by Changing
Power™.
For more information, please
contact:
Investor and Media
Relations:Media RelationsKatherine
Perron(780) 392-5335 kperron@capitalpower.comInvestor
RelationsRoy Arthur(403)
736-3315investor@capitalpower.com |
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