STOCK SYMBOL: GLH.UN/TSX
GATINEAU, QC, Aug. 19 /CNW Telbec/ - (GLH.UN) - Great Lakes Hydro Income
Fund (the "Fund") today announced that its minority unitholders have approved
the previously announced transaction (the "Transaction") pursuant to which the
Fund will acquire 15 hydroelectric stations and one soon-to-be-constructed
wind power project from Brookfield Renewable Power Inc. ("BRPI"), and BRPI
will increase the price it pays the Fund for power generated at the Fund's
Lièvre and Mississagi facilities.
At a special meeting of the Fund's unitholders held today, the
Transaction was approved by more than 98% of the votes cast by minority
unitholders of the Fund, present in person or by proxy at the meeting.
The Transaction is part of a strategic repositioning of the Fund which is
expected to significantly enhance the Fund's renewable power platform and
position it for growth and continued value-creation over the long term.
Closing of the Transaction is subject to the satisfaction of customary
closing conditions, including the receipt of certain third party consents.
Subject to the satisfaction of such closing conditions, the Fund expects the
Transaction to close before the end of this month. Concurrent with the closing
of the Transaction, Great Lakes Hydro Income Fund will be renamed Brookfield
Renewable Power Fund and its ticker symbol on the Toronto Stock Exchange will
change from GLH.UN to BRC.UN.
About Great Lakes Hydro Income Fund
Great Lakes Hydro Income Fund (www.greatlakeshydro.com) is a premier
Canadian income fund and one of the largest power income funds in North
America with 1,260 megawatts of power generating capacity and average annual
production of 4,539 gigawatt hours.
Great Lakes Hydro Income Fund produces electricity exclusively from
environmentally friendly and renewable resources. The Fund indirectly owns or
holds interests in 27 high quality hydroelectric generating stations and one
wind farm in four distinct geographic regions across North America: Quebec,
Ontario, British Columbia and New England.
Brookfield Renewable Power Inc., which comprises all the power operations
of Brookfield Asset Management, owns 50.01% of the Fund's outstanding units on
a fully exchanged basis.
Great Lakes Hydro Income Fund units are listed for trading on the Toronto
Stock Exchange under the symbol GLH.UN.
This news release contains forward-looking statements and information
within the meaning of Canadian securities laws. Forward-looking statements may
include estimates, plans, expectations, opinions, forecasts, projections,
guidance or other statements that are not statements of fact. Forward looking
statements in this press release include statements regarding the closing of
the proposed Transaction, its timing and impact on the business, operations,
financial condition and tax position of the Fund. Forward-looking statements
can be identified by the use of words such as "will", "continued", "intends",
"positions", "expect", "look forward" or variations of such words and phrases.
Although the Fund believes that its anticipated future results, performance or
achievements expressed or implied by the forward-looking statements and
information are based upon reasonable assumptions and expectations, it can
give no assurance that such expectations will prove to have been correct. The
reader should not place undue reliance on forward looking statements and
information as such statements and information involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Fund to differ materially from anticipated
future results, performance or achievement expressed or implied by such
forward-looking statements and information.
Factors that could cause actual results to differ materially from those
contemplated or implied by forward-looking statements include, but are not
limited to the risk that the Transaction does not close; other risks
associated with the Transaction and achieving the anticipated benefits, risks
associated with the Transaction and the Fund's possible conversion to a
corporation; changes in hydrology and wind conditions; equipment failure;
failure by counterparties to fulfill contractual obligations and failure by
the Fund to replace contracts; the Fund's dependence on Brookfield Renewable
Power Inc. and potential conflicts of interest between Brookfield Renewable
Power Inc. and the Fund; failure by the Fund to discover liabilities
associated with, and inability of the Fund to successfully integrate,
acquisitions and other risks and factors detailed from time to time in the
Fund's public filings including the Short Form Prospectus dated July 16, 2009
under the heading "Risk Factors"; the Annual Information Form dated March 20,
2009 under the heading "Risk Factors"; and the Management Discussion and
Analysis of Financial Results for the fiscal year ended December 31, 2008
under the headings "Business Environment" and "Risk Factors". We caution that
the foregoing list of important factors that may affect future results is not
exhaustive. Except as required by law, the Fund undertakes no obligation to
publicly update or revise any forward looking statements or information,
whether written or oral, that may be as a result of new information, future
events or otherwise.
For further information:
For further information: Unitholder enquiries should be directed to Zev
Korman, Director, Investor Relations and Communications, (416) 359-1955,