TORONTO, Sept. 16, 2021 (GLOBE NEWSWIRE) -- Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.UN) is pleased to announce that the TSX Venture Exchange (the “TSX-V”) has accepted the Trust’s application for its previously announced normal course issuer bid (the “NCIB”) for up to 11,560,812 trust units (“Units”) in the capital of the Trust, representing 5% of the issued and outstanding Units, over a 12-month period.
The NCIB will commence on September 17, 2021 and continue until September 16, 2022 (the “Termination Date”) or earlier in the event that the Trust has acquired the maximum number of Units that it may purchase under the NCIB or if the Trust determines that it is appropriate to terminate the NCIB prior to the Termination Date. The actual number of Units that will be purchased under the NCIB, if any, and the timing of such purchases will be determined by the Trust from time to time. All purchases made pursuant to the NCIB will be made through the facilities of the TSX-V in open market transactions or by such other means as may be permitted under applicable securities laws and the policies of the TSX-V. All Units purchased under the NCIB will be cancelled.
The Trust has engaged Canaccord Genuity Group Inc. as the broker through which the Trust will conduct purchases under the NCIB, which purchases will be completed pursuant to the policies of the TSX-V. The price that the Trust will pay for the Units purchased under the NCIB, if any, will be the market price of such Units at the time of the applicable purchases.
Management of the Trust and the board of directors (the “Board of Directors) of the Administrator of the Trust, Jade Power Administrator Inc., 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. To the knowledge of the Trust, no director, senior officer or other insider of the Trust currently intends to sell any Units under the NCIB.
Colter Eadie, Chief Executive Officer of Jade Power, commented “Management and the Board of Directors have concluded that the most accretive use of the surplus cash currently being generated by the operations of the Trust is to repurchase Units through the normal course issuer bid. We believe that the NCIB will improve liquidity in the Units and be an accretive use of cash that will benefit Unitholders in the long term."
For further information please contact:
| Ravi Sood Chairman +1 647-987-7663 rsood@jadepower.com | J. Colter Eadie Chief Executive Officer +40 736-372-724 jceadie@jadepower.com | Betty Soares Chief Financial Officer +1 416-803-6760 bsoares@jadepower.com |
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 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 forward-looking 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, 2020, 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.
Neither the TSX-V nor its regulation services provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
