MONTREAL, Sept. 16 /CNW Telbec/ - Boralex Inc.'s offer was refused by Boralex Power Income Fund unitholders owning 32% of Boralex Power demonstrating that the offer is inadequate, and that the proposed transaction is far from completed. O'Leary Funds will not tender its units to the extended offer.
The compulsory acquisition proposed by Boralex Inc. violates the terms of the Trust Agreement regarding rights of minority investors, and such compulsory acquisition would be illegal. O'Leary Funds expects it will be blocked by the Quebec courts, forcing Boralex to respect the rights of minority investors.
O'Leary Funds believes that investors who did not tender may have an opportunity for a better result than those who tendered. If O'Leary Funds is successful in preventing the compulsory acquisition, then in order to acquire all units held by those who did not tender, Boralex will have to improve its offer.
Even if such compulsory acquisition was to take place, investors who do not tender would have rights to the same choice of consideration, cash and securities, since investors were not obligated to tender to get the same rights. O'Leary Funds calls upon Boralex Inc. to correct statements made to the contrary.
For further information: For further information:
Connor O'Brien, CEO, O'Leary Funds Management LP, Chief Investment Officer, Stanton Asset Management Inc., (514) 849-0064, [email protected]
For further information with respect to the legal action: William Brock, Ad. E., Davies Ward Phillips & Vineberg LLP, (514) 841-6438, [email protected]
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