Business
Brookfield Renewable Power Fund (formerly Great Lakes Hydro Income Fund) Announces Closing of Strategic Transaction and Name Change
GATINEAU, QC, Aug. 31 /CNW Telbec/ - (GLH.UN) - Brookfield Renewable Power Fund (formerly Great L...
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nGATINEAU, QC, Aug. 31 /CNW Telbec/ - (GLH.UN) - Brookfield Renewable\nPower Fund (formerly Great Lakes Hydro Income Fund) (the "Fund") is pleased to\nannounce today the closing of the previously announced transaction (the\n"Transaction") resulting in the Fund's acquisition of 15 hydroelectric\nstations and one soon-to-be-constructed wind power project from Brookfield\nRenewable Power Inc. ("BRPI"), and an increase in the price BRPI pays the Fund\nfor power generated at the Fund's Lievre and Mississagi facilities. As\npreviously announced, the Transaction was approved by over 98% of the votes\ncast by minority unitholders of the Fund at a special meeting of unitholders\nheld on August 19, 2009.\n\n\nIn connection with the Transaction, on July 24, 2009, the Fund issued\n25,562,500 subscription receipts, each representing the right to receive one\ntrust unit of the Fund ("Unit"), for gross proceeds of approximately $380\nmillion. The proceeds of the subscription receipt offering have been held in\nescrow pending today's closing of the Transaction. Upon release, the net\nproceeds were applied to satisfy a portion of the purchase price payable by\nthe Fund on closing of the Transaction. Effective at 5:00 pm (Toronto time)\ntoday, the subscription receipts will be automatically exchanged for Units and\neach holder of subscription receipts shall receive a cash payment per\nsubscription receipt equal to the distribution of 20.834 cents per Unit\ndeclared for the months of July and August 2009. Thereafter, former holders of\nsubscription receipts will be entitled as Unitholders to receive distributions\nas declared by the Fund. The Units will be issued to former holders of\nsubscription receipts through the facilities of CDS Clearing and Depository\nServices Inc. ("CDS") and CDS Book-Entry Only System customer confirmations\nwill be entered on September 2, 2009, the second business day following the\nTransaction closing date. Trading in the subscription receipts on the Toronto\nStock Exchange (the "TSX") will cease immediately and the subscription\nreceipts will be delisted from the TSX as soon as possible.\n\n\nAs partial consideration for the Transaction, the Fund issued 25,562,500\nUnits to BRPI. Following closing of the Transaction and the exchange of the\nsubscripti...