STOCK SYMBOL: GLH.UN/TSX
GATINEAU, QC, March 17 /CNW Telbec/ - (GLH.UN) - Great Lakes Hydro Income Fund (the "Fund") today announced that the Toronto Stock Exchange accepted a notice filed by the Fund of its intention to commence a normal course issuer bid. The Fund believes that at times its trust units trade in price ranges that do not fully reflect their value. As a result, from time to time, acquiring trust units represents an attractive and a desirable use of available funds.
The notice provides that the Fund may, during the twelve month period commencing March 19, 2009 and ending March 18, 2010, purchase on the Toronto Stock Exchange up to 1,000,000 trust units, representing less than 2% of its issued and outstanding trust units. At March 11, 2009, there were 53,593,976 trust units issued and outstanding and 57,656,476 units outstanding on a fully-exchanged basis. Under the normal course issuer bid, the Fund may purchase up to 12,912 trust units on the Toronto Stock Exchange during any trading day, which represents 25% of the average daily trading volume on the Toronto Stock Exchange for the most recently completed six calendar months prior to the Toronto Stock Exchange's acceptance of the notice of the normal course issuer bid. This limitation does not apply to purchases made pursuant to block purchase exemptions.
The price to be paid for the trust units under the normal course issuer bid will be the market price at the time of purchase. The actual number of trust units to be purchased and the timing of such purchases will be determined by the Fund, and all trust units will be purchased on the open market through the facilities of the Toronto Stock Exchange. All trust units purchased by the Fund under this bid will be promptly cancelled.
Brookfield Renewable Power, which owns 50.01% of the Fund's outstanding units on a fully exchanged basis, does not intend to sell any units during the course of this issuer bid.
The average daily trading volume of the trust units on the Toronto Stock Exchange during the six months ended February 28, 2009 was 51,650 trust units.
About Great Lakes Hydro Income Fund
Great Lakes Hydro (www.greatlakeshydro.com) is a premier Canadian income fund. We are the largest power income fund in North America with 1,255 megawatts of power generating capacity and an average annual production of 4,596 gigawatt hours.
Great Lakes Hydro Income Fund produces electricity exclusively from environmentally friendly renewable resources. The Fund owns, operates and manages 27 high quality hydroelectric generating stations and one wind farm in four distinct geographic regions across North America: Quebec, Ontario, British Columbia and New England.
Brookfield Renewable Power, which comprises all the power operations of Brookfield Asset Management, owns 50.01% of the Fund's outstanding units on a fully exchanged basis. The Fund's units are listed for trading on the Toronto Stock Exchange under the symbol GLH.UN.
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