VANCOUVER, Aug. 30, 2016 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce that its Board of Directors has approved plans for an annual cash dividend of $0.005 per common share, payable quarterly commencing in the fourth quarter of 2016. The record date and other details will be announced separately.
Additionally, Alterra's Board of Directors has approved a consolidation of its issued and outstanding common shares on the basis of one (new) post-consolidation common share for each ten (old) pre-consolidation common shares, subject to approval of the Toronto Stock Exchange. Upon completion of the consolidation the annual dividend will be adjusted to $0.05 per common share.
John Carson, Alterra's CEO, said, "This inaugural dividend reflects the recent completion and incremental cash flow of the Shannon and Jimmie Creek projects, but is sized modestly for now to accommodate the substantial growth we anticipate over the next four years. We will target regular increases of the dividend as we bring new projects on line. The share consolidation brings us into line with many of our peer independent power producers and will provide better access to the company's shares for certain investors. I am pleased with our recent successes and our strong position for further growth in the USA."
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.
The company trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of Canadian securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include statements regarding timing and consummation of the dividend plan, Alterra's plans and expectations for the declaration of future dividends the amount of future dividends, completion of the Consolidation, and anticipated additions to our generation fleet. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include availability of capital to build new projects, amount of future cash flows, project operating risks, continuing approval by Alterra's Board of Directors, and Alterra's future growth plans, as well as those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.
SOURCE Alterra Power Corp.