Toronto, Ontario, December 12, 2019 – Northland Power Inc. (“Northland”) (TSX: NPI) announces that the Toronto Stock Exchange (“TSX”) has accepted its notice of intention to renew its normal course issuer bid (“NCIB”) commencing December 17, 2019 and ending December 16, 2020.
Northland Power believes that in the event the market price of its common shares (“Common Shares”) trade in a price range that does not fully reflect their inherent value, the acquisition of the Common Shares may represent an appropriate use of available funds.
Pursuant to the NCIB, Northland may purchase for cancellation up to 8,000,000 of its Common Shares representing approximately 4.5% of Northland’s issued and outstanding Common Shares (calculated in accordance with the rules of the TSX). As of December 3, 2019, Northland had 179,441,219 Common Shares outstanding.
In accordance with TSX rules, any daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB are limited to a maximum of 148,272 Common Shares, which represents 25% of the average daily trading volume on the TSX for the six months ended November 30, 2019.
Northland’s previous NCIB commenced on December 17, 2018 and expires on December 16, 2019 (“the Previous NCIB”). Under the Previous NCIB, Northland obtained the approval of the TSX to purchase up to 8,000,000 Common Shares, which represented 4.5% of the 176,486,936 Common Shares issued and outstanding as at the close of business on December 3, 2018. Northland purchased and cancelled nil Common Shares under the Previous NCIB.
There can be no assurances that any such purchases of Common Shares under the NCIB will be completed. Any purchases made under the NCIB will be made by Northland at the prevailing market price at the time of acquisition and through the facilities of the TSX and Canadian alternative trading systems. Northland will rely on an automatic purchase plan with a designated broker during the NCIB. The automatic purchase plan allows for Northland’s broker to purchase Common Shares during certain predetermined blackout periods, subject to certain parameters and approval of the TSX.
Northland is a global developer, owner and operator of sustainable infrastructure assets that deliver predictable cash flows. Headquartered in Toronto, Canada, Northland was founded in 1987 and has been publicly traded since 1997 on the Toronto Stock Exchange (TSX: NPI).
Northland owns or has an economic interest in 2,429 MW (net 2,014 MW) of operating generating capacity and 399 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the German North Sea and the La Lucha solar project in Mexico. Northland also owns a 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan.
Northland’s common shares, subscription receipts, Series 1, Series 2, and Series 3 preferred shares and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.R, NPI.PR.A, NPI.PR.B, NPI.PR.C, and NPI.DB.C, respectively.
This press release contains certain forward-looking statements that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “predicts,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These statements may include, without limitation, statements regarding Northland’s expectations or ability to complete any future offerings of securities. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including Northland’s potential need for future capital or its ability to raise capital, if needed. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, revenue contracts, counterparty risks, contractual operating performance, variability of revenue from generating facilities powered by intermittent renewable resources, offshore wind concentration, natural gas and power market risks, operational risks, permitting, construction risks, project development risks, financing risks, interest rate and refinancing risks, liquidity risk, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental, health and worker safety risks, market compliance risk, government regulations and policy risks, international activities, reliance on information technology, labour relations, reputational risk, insurance risk, risks relating to co-ownership, bribery and corruption risk, legal contingencies and the other factors described in the “Risks Factors” section of Northland’s 2018 Annual Information Form, which can be found at www.sedar.com under Northland's profile and on Northland’s website www.northlandpower.com. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur.
The forward-looking statements contained in this release are based on assumptions that were considered reasonable on date of release. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
For further information, please contact:
Wassem Khalil, Senior Director, Investor Relations & Strategy
+1 (647) 288-1019