In This Article:
MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) today announced that it has authorized, and the Toronto Stock Exchange (the “TSX”) has approved, a normal course issuer bid (the “NCIB”) to purchase for cancellation up to 8,669,245 Class A shares of Boralex (the “Common Shares”) over the twelve-month period commencing on March 4, 2025, and ending no later than March 3, 2026, representing approximately 10% of the “public float” (as defined in the TSX Company Manual) of the Common Shares issued and outstanding as at February 19, 2025. As of such date, there were 102,766,580 Common Shares issued and outstanding. Subject to the required regulatory approvals, the NCIB will be conducted through the facilities of the TSX or alternative trading systems in Canada, if eligible, or outside the facilities of the TSX pursuant to exemption orders issued by securities regulatory authorities. Common Shares will be acquired under the NCIB at the prevailing market price at the time of acquisition, plus brokerage fees, except that any purchases made under an issuer bid exemption order will be at a discount to the prevailing market price as per the terms of the order. Any Common Share purchased under the NCIB will be canceled.
Under the NCIB, other than purchases made under block purchase exemptions, Boralex will be allowed, subject to applicable securities laws, to purchase daily a maximum of 72,088 Common Shares representing 25% of the average daily trading volume of 288,355 Common Shares, as calculated per the TSX rules for the six-month period ended on January 31, 2025.
In connection with the NCIB, Boralex will also enter into an automatic share purchase plan (“ASPP”) on the date hereof with the designated broker responsible for the NCIB. The ASPP will allow for the purchase for cancellation of Common Shares under the NCIB, subject to certain trading parameters, by the designated broker at times when Boralex would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, before entering into a blackout period, Boralex may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with certain purchasing parameters. Such purchases will be made by the designated broker based on such purchasing parameters, without further instructions by Boralex, in compliance with the rules of the TSX, applicable securities laws and the terms of the ASPP.
Boralex believes that its Common Shares are trading from time to time at levels generally below the underlying value of the Company’s business and that the introduction of an NCIB will provide an additional tool to optimize its use of funds and create long-term value for its shareholders. This program will provide greater flexibility to carry on Boralex financial strategy without altering investments planned to seize development opportunities. Furthermore, the purchases are expected to benefit all persons who continue to hold Boralex Common Shares by increasing their equity interest in Boralex when such repurchased Common Shares are canceled.