MONTREAL, Nov. 4, 2011 /CNW Telbec/ - Boralex Inc. ("Boralex" or the
"Corporation") announces that the Toronto Stock Exchange accepted its
notice of intention to begin a normal course issuer bid in respect of
its Class A Shares. Purchases pursuant to the normal course issuer bid
will commence on November 8, 2011 and will not continue beyond November
7, 2012. The Class A Shares purchased shall be cancelled.
The notice will enable Boralex to acquire up to 250,000 Class A Shares
which represent approximately 0.66% of the 37,725,787 issued and
outstanding Class A Shares as of October 31, 2011. During the last 12
months, 59,400 Class A Share were purchased by Boralex under a normal
course issuer bid at a weighted average price of $6.9741 per share.
The average daily trading volume of Boralex's Class A Shares was 19,146
on the Toronto Stock Exchange over the last six completed calendar
months (the « ADTV »). Accordingly, Boralex is entitled to purchase up
to 25% of the ADTV on any trading day being 4,786 Class A Shares. All
purchases will be made through the facilities of the Toronto Stock
Exchange in accordance with its requirements.
Boralex considers that the Issuer Bid will provide the flexibility to
purchase shares to offset the dilutive effects of the issuance of Class
A Shares pursuant to the stock option plan. Boralex also considers that
the shares to be acquired may, from time to time, be undervalued in the
market and represent an excellent opportunity to enhance shareholder
Boralex is a power producer whose core business dedicated to the development and the
operation of renewable energy power stations. Currently, the
Corporation operates an asset base with an installed capacity of more
than 700 MW in Canada, the Northeastern United States and France.
Boralex is also committed under power development projects, both
independently and with European and Canadian partners, to add
approximately 400 MW of power. With nearly 350 employees, Boralex is
known for its diversified expertise and in-depth experience in four
power generation types — wind, hydroelectric, thermal and more
recently, solar. Boralex's shares and convertible debentures are listed on the Toronto
Stock Exchange under the ticker symbols BLX and BLX.DB, respectively.
More information is available at www.boralex.com or www.sedar.com.
SOURCE BORALEX INC.
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