MONTREAL, Sept. 14 /PRNewswire-FirstCall/ - Boralex Inc. ("Boralex") reminds unitholders of Boralex Power Income Fund (the "Fund"), that its revised offer to acquire all of the trust units of the Fund, on August 31, 2010, will expire at 7 p.m. (ET) on September 15, 2010.
The revised offer from Boralex to acquire all of the units of the Fund has been made on the basis of either $5.00 in cash or 0.05 of a $100 principal amount of 6.75% convertible unsecured subordinated debenture of Boralex for each unit of the Fund, subject, in each case, to proration based on a maximum amount of $90.6 million in cash and $135.9 million of debentures that would be payable under the revised offer for all of the units of the Fund.
The revised offer from Boralex is the only offer available to unitholders of the Fund, has the support of institutional unitholders owning approximately 9% of the issued units of the Fund, has been recommended for acceptance by the Board of Trustees of the Fund and has received a fairness opinion from BMO Capital Markets, the Fund's independent valuator.
Further details of the offer are contained in the notice and letter of transmittal. Unitholders are encouraged to read the documents and to consider the important information contained therein. Copies of the notice and the letter of transmittal along with other relevant documents are available electronically at www.sedar.com.
Unitholders of the Fund who have already deposited their units into the offer do not need to take any further action to accept the offer but have the opportunity to make the election for cash or convertible debentures. Unitholders of the Fund who have not yet deposited their units in acceptance of the offer may deposit their units to the offer at any time prior to 7:00 p.m. (ET) on September 15, 2010.
About Boralex
Boralex is a major independent power producer whose core business is the development and operation of power stations that generate renewable energy. Employing over 300 people, the Corporation operates 28 power stations with a total installed capacity of 410 megawatts ("MW") in Canada, in the north-eastern United States and in France. In addition, the Corporation has, alone or with its European and Canadian partners, power projects under development that will add close to 300 MW of power, of which almost 100 MW will come online by the end of fiscal 2010. Boralex is distinguished by its diversified expertise and in-depth experience in three power generation segments - wind, hydroelectric and thermal. Boralex also holds a 23% interest in Boralex Power Income Fund, which has 10 power stations with a total installed capacity of 190 MW in Québec and the United States. These sites are managed by Boralex. Boralex shares are listed on the Toronto Stock Exchange (TSX) under the ticker symbol BLX. More information will be available in the following hours at www.boralex.com or www.sedar.com.
Reader Advisory
Certain statements in this press release and the notice extension are forward looking statements and are prospective in nature. Forward looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "except", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue" or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from Boralex's expectations include, among other things, general business and economic conditions and competition within those markets in which the Fund serves as well as specific risks relating to the Fund, such as risks relating to the industries in which the Fund is active generally, conflict policies and general economic conditions and other risks identified in the Fund's public filings. Such forward-looking statements should, therefore, be construed in light of such factors and Boralex is under no obligation and expressly disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to buy or solicitation of an offer to sell any securities. Boralex has filed the notice of extension with the SEC and with Canadian securities regulators. The Fund's unitholders are strongly encouraged to read these and other documents filed with the SEC or Canadian securities regulators in their entirety when they become available, as they will contain certain important information. The Fund's unitholders will be able to obtain all documents filed by the Fund or Boralex with the SEC and Canadian securities regulators related to the tender offer for no charge at the SEC's website at www.sec.gov or at www.sedar.com.
SOURCE BORALEX INC.
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