MONTREAL, Aug. 30 /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 September 1, 2010 and will not continue beyond August 31, 2011. 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 37,740,921 issued and outstanding Class A Shares as of August 25, 2010. During the last 12 months, no Class A Share was purchased by Boralex under a normal course issuer bid.
The average daily trading volume of Boralex's Class A Shares was 40,003 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 10,000 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 value.
Boralex is a major independent power producer whose core business is the development and operation of power stations that generate renewable energy. Employing over 300 people, the Corporation operates 28 power stations with a total installed capacity of 410 megawatts ("MW") in Canada, in the Northeastern United States and in France. In addition, the Corporation has, alone or with its European and Canadian partners, power projects under development that will add more than 300 MW of power, of which almost 100 MW will come online by the end of fiscal 2010. Boralex is distinguished by its diversified expertise and in-depth experience in three power generation segments - wind, hydroelectric and thermal. Boralex also holds a 23% interest in Boralex Power Income Fund, which has 10 power stations with a total installed capacity of 190 MW in Québec and the United States. These sites are managed by Boralex. Boralex shares are listed on the Toronto Stock Exchange under the ticker symbol BLX. More information is available at www.boralex.com or www.sedar.com.
SOURCE Boralex Inc.
For further information: For further information: Ms. Patricia Lemaire, Director, Publics Affairs and Communications, Boralex Inc., 514-985-1353, email@example.com