MONTREAL, Feb. 19, 2014 /CNW Telbec/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) announces its first ever
dividend and declares a quarterly dividend of $0.13 for each common
share outstanding, payable on March 17, 2014.
This decision is a key step in the Corporation's development, as Boralex
enjoys a strong cash position, supported by stable cash flows generated
by quality assets under fixed and indexed long-term contracts.
Moreover, Boralex's growth strategy remains unchanged in France and in
"The decision to pay out our first cash dividend strengthens our
commitment to shareholder value creation. This key stage in Boralex's
development shows the wise choices underpinning our growth strategy for
several years," said Boralex President and CEO Patrick Lemaire.
ADDITIONAL INFORMATION REGARDING THE DIVIDEND POLICY
The Corporation's Board of Directors authorizes and declares a quarterly
dividend of $0.13 per common share. This dividend will be paid on March
17, 2014 to shareholders of record at the close of business on February
Generally, Boralex expects to pay common share dividends on an annual
basis to achieve in the medium term a ratio of 40% to 60% of its
discretionary cash flows, defined as its net cash flows related to
operating activities less capital investments required to maintain its
production capacity less debt servicing costs (principal and interest).
Boralex is a power producer whose core business is 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 650 MW in Canada, France and the Northeastern
United States. Boralex is also committed under power development
projects, both independently and with Canadian and European partners,
to add approximately 250 MW of power that will be put in service by the
end of 2015. With more than 200 employees, Boralex is known for its
diversified expertise and in-depth experience in four power generation
types—wind, hydroelectric, thermal and 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.
Caution regarding forward-looking statements
Some of the statements contained in this press release, including those
regarding future results and performance, are forward-looking
statements based on current expectations, within the meaning of
securities legislation. Boralex would like to point out that, by their
very nature, forward-looking statements involve risks and uncertainties
such that its results or the measures it adopts could differ materially
from those indicated by or underlying these statements, or could have
an impact on the degree of realization of a particular projection. The
main factors that could lead to a material difference between the
Corporation's actual results and the projections or expectations set
forth in the forward-looking statements include, but are not limited
to, the general impact of economic conditions, raw material price
increases and availability, currency fluctuations, volatility in the
selling price of electricity, the Corporation's financing capacity,
negative changes in general market conditions and regulations affecting
the industry, as well as other factors discussed in the Corporation's
filings with the various securities commissions.
There can be no assurance as to the materialization of the results,
performance or achievements as expressed or implied by forward-looking
statements. The reader is cautioned not to place undue reliance on such
forward-looking statements. Unless required to do so under applicable
securities legislation, Boralex management does not assume any
obligation to update or revise forward-looking statements to reflect
new information, future events or other changes.
Caution regarding the dividend policy
Future dividends are subject to approval by the Board of Directors. In
addition, the dividends paid by Boralex or deemed paid for Canadian
federal, provincial or territorial income tax purposes, up to a maximum
of $10.4 million on an accumulated basis, will not be paid as "eligible
dividends," unless indicated otherwise in respect of dividends paid
subsequent to this notification. Boralex hereby notifies all recipients
of such dividends of this designation. Any declared future dividends in
excess of that threshold are to be considered "eligible dividends,"
unless otherwise indicated in future.
SOURCE: Boralex Inc.
For further information:
Director, Public Affairs and Communications