LONGUEUIL, QC, March 20, 2014 /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.
Under the bid, the Corporation may purchase for cancellation up to 1,000,000
of its common shares, representing 1.1% of the 95,860,979 issued and
outstanding common shares of the Corporation as at March 19, 2014.
The bid will commence on March 24, 2014 and will terminate on March 23, 2015.
During the last six months, the average daily trading volume for the common
shares of the Corporation on the TSX was 215,095. 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 53,773 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 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.
About Innergex Renewable Energy Inc.
Innergex Renewable Energy Inc. (TSX: INE) is a leading Canadian independent
renewable power producer. Active since 1990, the Company 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 and in Idaho, USA. Its portfolio of assets currently consists
of: (i) interests in 32 operating facilities with an aggregate net installed
capacity of 672 MW (gross 1,164 MW), including 25 hydroelectric operating
facilities, six wind farms, and one solar photovoltaic farm; (ii) interests in
five projects under development or under construction with an aggregate net
installed capacity of 210 MW (gross 321 MW), for which power purchase
agreements have been secured; and (iii) prospective projects with an aggregate
net capacity totaling 2,900 MW (gross 3,125 MW). Innergex Renewable Energy
Inc. is rated BBB- by S&P and BB (high) by DBRS (unsolicited rating).
The Corporation's strategy for building shareholder value is to develop or
acquire high-quality facilities that generate sustainable cash flows and
provide a high 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; its ability to access sufficient capital resources; liquidity risks
related to derivative financial instruments; changes in hydrology, wind regime
and solar irradiation; delays and cost overruns in the design and construction
of projects, interest rate fluctuations and refinancing risk; financial
leverage and restrictive covenants governing current and future indebtedness;
declaration of dividends at the discretion of the board; and the ability to
secure new power purchase agreements.
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 Renewable Energy Inc.
Marie-Josée Privyk, CFA, SIPC Director - Investor Relations 450928-2550,
ext. 222 firstname.lastname@example.org www.innergex.com
To view this news release in HTML formatting, please use the following URL:
CO: Innergex Renewable Energy Inc.
NI: UTI FIN 2523 ECO
-0- Mar/20/2014 12:32 GMT
Press spacebar to pause and continue. Press esc to stop.