Jade Power Trust ('Jade Power' or the 'Trust') (TSXV: JPWR.UN) is pleased to announce that it has released its financial results for the three and nine months ended September 30, 2019.
All amounts in this release are expressed in Canadian Dollars unless otherwise indicated.
The Trust is also pleased to announce that the board of directors (the 'Board') of Jade Power Administrator Inc., the administrator of the Trust, has approved the purchase, for cancellation, of up to 11,525,131 Units, representing 5% of the issued and outstanding Units, over a 12-month period by way of the implementation of a normal course issuer bid (the 'NCIB'). All purchases made pursuant to the NCIB will be made through the facilities of the TSX Venture Exchange in open market transactions or by such other means as may be permitted under applicable securities laws and the policies of the TSX Venture Exchange. Management of the Trust and the Board believe that the current market price of the Units does not adequately reflect their value and that the purchase of Units under the NCIB is in the best interests of the Trust, a desirable use of its available cash, and will enhance Unitholder value in general. The implementation and commencement of the NCIB is subject to the approval of the TSX Venture Exchange. Upon receipt of such approval, additional details regarding the NCIB will be announced by the Trust. Colter Eadie, Chief Executive Officer of Jade Power, commented, 'We are very pleased with the record performance of our renewable asset portfolio and the financial improvements we have demonstrated over the course of 2019. Management remains focused on maximizing the long-term value of the Trust through the optimization of our portfolio. Management and the Board of Directors have also reviewed options with respect to the surplus cash being generated by the operations of the Trust and have concluded that the most accretive use of this cash is to repurchase Units through a normal course issuer bid. We believe that an NCIB will improve liquidity in the Units and be an accretive use of cash that will benefit Unitholders in the long term.'
Contact:
Tel: +1 416-803-6760
About Jade Power
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. The Trust intends to qualify as a 'mutual fund trust' under the Income Tax Act (Canada) (the 'Tax Act'). The Trust will not be a 'SIFT trust' (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any 'non-portfolio property' (as defined in the Tax Act). All material information about the Trust may be found under Jade Power's issuer profile at www.sedar.com.
Forward-Looking Statements
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as 'anticipates', 'plans', 'proposes', 'estimates', 'intends', 'expects', 'believes', 'may' and 'will'. The forwardlooking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Jade Power and its business are discussed under the heading 'Business Risks and Uncertainties' in the Trust's annual Management's Discussion & Analysis for the year ended December 31, 2018, a copy of which is available on Jade Power's SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
The Trust believes that operating margin, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Trust. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other entities. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management's determination of the components of non-GAAP and additional measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied as applicable.
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