LONGUEUIL, QC, May 18, 2022
/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
the renewal of its normal course issuer bid on its common shares
("Common shares") and a new one for its Cumulative Rate Reset
Preferred Shares, Series A ("Series A shares") and for its
Cumulative Redeemable Fixed Rate Preferred Shares, Series C
("Series C shares") (collectively, the "Bids").
Under the Bids, the Corporation may purchase for cancellation as
follows:
|
Name of
the
shares
|
Ticker
|
Issued
and
outstanding shares
as
at May 11,
2022
|
% of issued
and
outstanding
shares
|
Maximum number
of
shares subject
to
purchase
|
|
Common
shares
|
INE
|
204,103,658
|
2%
|
4,082,073
|
|
Series A
shares
|
INE.PR.A
|
3,400,000
|
2%
|
68,000
|
|
Series C
shares
|
INE.PR.C
|
2,000,000
|
2%
|
40,000
|
The Bids will commence on May 24,
2022 and will terminate on May 23,
2023.
During the last six months, the average daily trading volume on
the TSX of the Corporation's Common shares was 517,449, the Serie A
shares was 1,700 and the Series C shares was 569. Consequently, in
accordance with the policies of the TSX, the Corporation will have
the right to repurchase, during anyone trading day, a maximum of
129,362 Common shares, representing 25% of the average daily
trading volume and 1,000 Serie A shares and 1,000 Serie C shares,
representing the minimum allowed by the TSX. 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, Serie A shares and Serie C 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 or through
Canadian alternative trading systems at prevailing market
prices.
The Corporation believes that the market price of its Common
shares, Serie A shares and Serie C shares may, from time to time,
not reflect the inherent value of the Corporation and that
purchases of its Common shares, Serie A shares and Serie C shares
pursuant to the Bids, 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 these Bids.
Under the preceding normal course issuer bid which commenced on
May 24, 2021 and expires on
May 23, 2022, the Corporation was
allowed to purchase a total of 2,000,000 Common Shares. Under the
said bid it purchased a total of 564,271 Common Shares for
cancellation at a weighted average price paid per Common Share of
$17.72 through the facilities of the
TSX and alternative Canadian trading systems as of May 17, 2022.
About Innergex Renewable Energy
Inc.
For over 30 years, Innergex has believed in a world where
abundant renewable energy promotes healthier communities and
creates shared prosperity. As an independent renewable power
producer which develops, acquires, owns and operates hydroelectric
facilities, wind farms, solar farms and energy storage facilities,
Innergex is convinced that generating power from renewable sources
will lead the way to a better world. Innergex conducts operations
in Canada, the United States, France and Chile and manages a large portfolio of
high-quality assets currently consisting of interests in 80
operating facilities with an aggregate net installed capacity of
3,152 MW (gross 3,852 MW) and an energy storage capacity of 150
MWh, including 40 hydroelectric facilities, 32 wind farms and 8
solar farms. Innergex also holds interests in 14 projects under
development, 3 of which are under construction, with a net
installed capacity of 733 MW (gross 770 MW) and an energy storage
capacity of 754 MWh, as well as prospective projects at different
stages of development with an aggregate gross installed capacity
totaling 6,679 MW. Its approach to building shareholder value is to
generate sustainable cash flows, provide an attractive
risk-adjusted 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, Serie A shares and Serie C shares under the
Bids.
Forward-Looking Information is based on certain key assumptions
made by the Corporation, including, without restriction, those
concerning hydrology, wind regimes and solar irradiation;
performance of operating facilities, acquisitions and commissioned
projects; project performance; availability of capital resources
and timely performance by third parties of contractual obligations;
favourable market conditions for share issuance to support growth
financing; favourable economic and financial market conditions; the
Corporation's success in developing and constructing new
facilities; successful renewal of PPAs; sufficient human resources
to deliver service and execute the capital plan; no significant
event occurring outside the ordinary course of business such as a
natural disaster, pandemic or other calamity; continued maintenance
of information technology infrastructure and no material breach of
cybersecurity.
For more information on the 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 or on the principal assumptions used to derive this
information, please refer to the "Forward Looking Information"
section of the Management's Discussion and Analysis for the
three-month periods ended March 31,
2022.
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.
Innergex Renewable Energy
Inc.
www.innergex.com
SOURCE Innergex Renewable Energy Inc.
