Northland Power Announces Renewal of Normal Course Issuer Bid
TORONTO, Dec. 12, 2019 — Northland Power Inc. (“Northland”) (TSX: NPI) announces that the Toronto Stock Exchange (“TSX”) has accepted its notice of intention to renew its normal course issuer bid (“NCIB”) commencing December 17, 2019 and ending December 16, 2020.
Northland Power believes that in the event the market price of its common shares (“Common Shares”) trade in a price range that does not fully reflect their inherent value, 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 8,000,000 of its 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, 2019, Northland had 179,441,219 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 148,272 Common Shares, which represents 25% of the average daily trading volume on the TSX for the six months ended November 30, 2019.
Northland’s previous NCIB commenced on December 17, 2018 and expires on December 16, 2019 (“the Previous NCIB”). Under the Previous NCIB, Northland obtained the approval of the TSX to purchase up to 8,000,000 Common Shares, which represented 4.5% of the 176,486,936 Common Shares issued and outstanding as at the close of business on December 3, 2018. Northland purchased and cancelled nil Common Shares under the Previous NCIB.
There can be no assurances that any such purchases of Common Shares under the NCIB 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 and Canadian alternative trading systems. Northland will rely on an automatic purchase plan with a designated broker during the NCIB. The automatic purchase plan allows for Northland’s broker to purchase Common Shares during certain predetermined blackout periods, subject to certain parameters and approval of the TSX.
Northland is a global developer, owner and operator of sustainable infrastructure assets that deliver predictable cash flows. Headquartered in Toronto, Canada, Northland was founded in 1987 and has been publicly traded since 1997 on the Toronto Stock Exchange (TSX: NPI).
Northland owns or has an economic interest in 2,429 MW (net 2,014 MW) of operating generating capacity and 399 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the German North Sea and the La Lucha solar project in Mexico. Northland also owns a 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan.
Northland’s common shares, subscription receipts, Series 1, Series 2, and Series 3 preferred shares and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.R, NPI.PR.A, NPI.PR.B, NPI.PR.C, and NPI.DB.C, respectively.
For further information, please contact:
Wassem Khalil, Senior Director, Investor Relations & Strategy
+1 (647) 288-1019