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Be the first with the news that moves the market- Brookfield Renewable Partners (BEP.UN) is issuing a special distribution of shares, in preparation for its upcoming merger with TerraForm Power
- Through the distribution, unit holders in Brookfield Renewable Partners will receive one share in the Brookfield Renewable Corporation for every four previously held units
- The company has set July 27 as the record date for the distribution, ahead of its pending merger with solar and wind energy provider TerraForm Power on July 31
- As part of the merger TerraForm shareholders will be offered Brookfield Renewable Corporation shares but will not take part in the current special distribution
- Brookfield Renewable Partners (BEP.UN) is up 3.28 per cent and is trading at C$74.92 per share
Brookfield Renewable Partners (BEP.UN) is issuing a special distribution of shares, in preparation for its upcoming merger with TerraForm Power.
Brookfield Renewable is the flagship renewable power company of investing giant Brookfield Asset Management. The company’s portfolio includes hydroelectric, wind, solar and storage facilities across The Americas, Europe and Asia.
Through the distribution, unit holders in Brookfield Renewable Partners will receive one share in the Brookfield Renewable Corporation for every four previously held units.
The company was quick to point out that the special share distribution will not result in any underlying change to cash flows or net asset value and will only impact the number of outstanding units and shares.
The company has set July 27 as the record date for the distribution, ahead of its pending merger with solar and wind energy provider TerraForm Power on July 31.
As part of the merger TerraForm shareholders will be offered Brookfield Renewable Corporation shares but will not take part in the current special distribution.
Sachin Shah, CEO of Brookfield Renewable, said the distributing of Brookfield Renewable Corporation shares will give holders a greater flexibility to invest in Brookfield Renewable’s globally diverse portfolio of assets.
“This position us well to continue attracting new investors to our high-quality renewable power portfolio,” he added.
Turning to the company’s recent market performance, Brookefield Renewable shares have staged a remarkable recovery since the COVID-19 pandemic first hit the globe.
After dropping almost 40 per cent in March, Brookfield Renewable shares are now rapidly returning it pre-pandemic levels and are less than a per cent lower than its current 52-week high.
Brookfield Renewable Partners (BEP.UN) is up 3.28 per cent and is trading at C$74.92 per share at 1`.17pm EDT.
