Capital Power announces approval of normal course issuer bid for purchase of up to 9.3 million of its common shares

EDMONTON, Alberta, Feb. 16, 2018 (GLOBE NEWSWIRE) -- The Toronto Stock Exchange (TSX) has approved Capital Power Corporation’s (TSX:CPX) (“Capital Power” or “the Company”) normal course issuer bid (“NCIB”) to purchase and cancel up to 9,309,476 of its outstanding common shares during the one-year period from February 21, 2018 to February 20, 2019.

As of February 15, 2018, Capital Power had 104,317,375 common shares issued and outstanding and 93,094,761 common shares issued and outstanding after excluding common shares beneficially owned by directors and executive officers of Capital Power and persons who beneficially own or exercise control or direction over more than 10% of the issued and outstanding common shares of Capital Power (the “Public Float”). The 9,309,476 common shares under the NCIB represent approximately 10% of the Public Float, and will be purchased only when and if the Company considers it advisable. 

Pursuant to TSX rules, the maximum number of common shares that may be repurchased during the same trading day on the TSX is 63,402 common shares (being 25% of the average daily trading volume of Capital Power common shares for the six months preceding the date of the NCIB notice to the TSX, which was equal to 253,609 common shares), subject to certain exceptions for block repurchases.

Capital Power purchased no common shares under its prior NCIB approved by the TSX on April 25, 2016 for the period from April 28, 2016 to April 27, 2017. 

Purchases will be made on behalf of the Company by a registered broker through the facilities of the TSX at prevailing market prices pursuant to the rules of the TSX governing normal course issuer bids and/or through alternative Canadian trading platforms or otherwise as may be permitted by the TSX or an applicable securities regulatory authority.

Capital Power believes that the market price of its common shares may, from time to time, not reflect the inherent value of the Company, and that purchases of common shares pursuant to the bid may represent an appropriate and desirable use of the Company’s funds. Therefore, the Company believes that it is in the best interest to proceed with the NCIB.

About Capital Power Corporation
Capital Power (TSX:CPX) is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, owns, and operates power generation facilities using a variety of energy sources. Capital Power owns approximately 4,500 megawatts of power generation capacity at 24 facilities and is pursuing contracted generation capacity throughout North America.

Forward-looking Information
Forward-looking information or statements included in this news release are provided to inform the Company’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this news release is generally identified by words such as “will”, “anticipate”, “believe”, “plan”, “intend”, “target”, and “expect” or similar words that suggest future outcomes. Information with respect to the NCIB and Capital Power’s intentions to acquire common shares pursuant to the NCIB and expected dividend payments constitutes material forward-looking information. These statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, and other factors it believes are appropriate. Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company’s expectations. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

For more information, please contact: