VANCOUVER, Aug. 13 /CNW/ - Finavera Renewables Inc. ("Finavera Renewables" or the "Company") (TSX-V: FVR) announces that its Board of Directors has adopted a Strategic Shareholder Rights Plan ("Strategic Rights Plan"). On April 16, 2010, the Board of Directors of the Company adopted a short-term, tactical shareholder rights plan. The Company has determined that it is advisable and in the best interests of the Company and its shareholders to implement a long-term Strategic Rights Plan.
The Strategic Rights Plan is designed to: ensure that the shareholders of the Company and the Board of Directors have adequate time to consider and evaluate any unsolicited bid for the Company's common shares; provide the Board of Directors with adequate time to identify, develop and negotiate value-enhancing alternatives, if considered appropriate, to any such unsolicited bid; and encourage the fair treatment of shareholders in connection with any take-over offer for the Company's common shares.
The Strategic Rights Plan has not been adopted in response to any specific proposal to acquire control of the Company, nor is the Company aware of any such intention. The adoption of the Strategic Shareholder Rights Plan is subject to regulatory approval and shareholder approval at the Company's next Annual General Meeting.
A complete copy of the Strategic Rights Plan is being filed on SEDAR (www.sedar.com).
Jason Bak, CEO
About Finavera Renewables Inc. (www.finavera.com)
Finavera Renewables Inc. is dedicated to the development of wind energy resources. The Company's objective is to become a major renewable and green energy producer by developing and operating its assets in the wind sector. Finavera Renewables is developing wind energy projects in Canada and Ireland. In British Columbia, Canada, projects totaling 301 MW have been awarded Electricity Purchase Agreements under the BC Hydro Clean Power Call. In Ireland, one pre-construction wind project is under development with a potential capacity of 105MW. Data collection and environmental studies have been continuing at a number of sites in both countries.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words "would", "will", "expected" and "estimated" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of, this release.
SOURCE FINAVERA RENEWABLES INC.
For further information: For further information: Finavera Renewables, Myke Clark, SVP Business Development, Finavera Renewables, 604-288-9051, firstname.lastname@example.org