Northland Power Announces TSX Approval of Normal Course Issuer Bid
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TORONTO, Dec. 12, 2018 — Northland Power Inc. (“Northland”) (TSX: NPI) announces that the Toronto Stock Exchange (“TSX”) has accepted its notice of intention to proceed with a normal course issuer bid (“NCIB”) commencing December 17, 2018 and ending December 16, 2019.
Northland Power believes that the market price of its common shares (“Common Shares”) may trade in a price range that does not fully reflect their inherent value, and that the acquisition of the common shares may represent an appropriate use of available funds.
Pursuant to the NCIB, Northland may purchase for cancellation up to 8 million Common Shares representing approximately 4.5% of Northland’s issued and outstanding Common Shares (calculated in accordance with the rules of the TSX). As of December 3, 2018, Northland had 176,486,936 Common Shares outstanding.
In accordance with TSX rules, any daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB are limited to a maximum of 87,031 Common Shares, which represents 25% of the average daily trading volume on the TSX for the six months ended November 30, 2018.
Although Northland intends to purchase Common Shares under the NCIB, there can be no assurances that any such purchases will be completed. Any purchases made under the NCIB will be made by Northland at the prevailing market price at the time of acquisition and through the facilities of the TSX. Northland may rely on an automatic purchase plan during the NCIB. The automatic purchase plan would allow for purchases by Northland of Common Shares during certain predetermined blackout periods, subject to certain parameters and approval of the TSX.
Northland has appointed CIBC World Markets Inc. to make any purchases under the NCIB on its behalf.
ABOUT NORTHLAND POWER
Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates facilities that produce ‘clean’ (natural gas) and ‘green’ (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities.
The Company owns or has an economic interest in 2,429 MW (net 2,014 MW) of operating generating capacity and 269 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the North Sea, in addition to its 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan. Northland’s cash flows are diversified over four geographically separate regions and regulatory jurisdictions in Canada and Europe.
Northland’s common shares, Series 1, Series 2 and Series 3 preferred shares and Series B and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C, NPI.DB.B, and NPI.DB.C, respectively.
For further information, please contact:
Barb Bokla, Manager, Investor Relations, (647) 288-1438