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Great Lakes Hydro Income Fund Announces Normal Course Issuer Bid
STOCK SYMBOL: GLH.UN/TSX GATINEAU, QC, March 17 /CNW Telbec/ - (GLH.UN) - Great Lakes Hydro Incom...
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\n\nGATINEAU, QC, March 17 /CNW Telbec/ - (GLH.UN) - Great Lakes Hydro Income\nFund (the "Fund") today announced that the Toronto Stock Exchange accepted a\nnotice filed by the Fund of its intention to commence a normal course issuer\nbid. The Fund believes that at times its trust units trade in price ranges\nthat do not fully reflect their value. As a result, from time to time,\nacquiring trust units represents an attractive and a desirable use of\navailable funds.\n\n\nThe notice provides that the Fund may, during the twelve month period\ncommencing March 19, 2009 and ending March 18, 2010, purchase on the Toronto\nStock Exchange up to 1,000,000 trust units, representing less than 2% of its\nissued and outstanding trust units. At March 11, 2009, there were 53,593,976\ntrust units issued and outstanding and 57,656,476 units outstanding on a\nfully-exchanged basis. Under the normal course issuer bid, the Fund may\npurchase up to 12,912 trust units on the Toronto Stock Exchange during any\ntrading day, which represents 25% of the average daily trading volume on the\nToronto Stock Exchange for the most recently completed six calendar months\nprior to the Toronto Stock Exchange's acceptance of the notice of the normal\ncourse issuer bid. This limitation does not apply to purchases made pursuant\nto block purchase exemptions.\n\n\nThe price to be paid for the trust units under the normal course issuer\nbid will be the market price at the time of purchase. The actual number of\ntrust units to be purchased and the timing of such purchases will be\ndetermined by the Fund, and all trust units will be purchased on the open\nmarket through the facilities of the Toronto Stock Exchange. All trust units\npurchased by the Fund under this bid will be promptly cancelled.\n\n\nBrookfield Renewable Power, which owns 50.01% of the Fund's outstanding\nunits on a fully exchanged basis, does not intend to sell any units during the\ncourse of this issuer bid.\n\n\nThe average daily trading volume of the trust units on the Toronto Stock\nExchange during the six months ended February 28, 2009 was 51,650 trust units.\n\n\nAbout Great Lakes Hydro Income Fund\n\n\nGreat Lakes Hydro (www.greatlakeshydro.com) is a premier Canadian income\nfund. We are the largest power income fund in North America with 1,255\nmegaw...