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| December 11, 2008 - Algonquin Power Income Fund Declares Cash Distribution for December 2008 |
| November 20, 2008 - Algonquin Power Income Fund Declares Cash Distribution for November 2008 |
| November 6, 2008 - Algonquin Power Income Fund Announces Third Quarter 2008 Financial Results |
| October 27, 2008 - Algonquin Power Income Fund announces dates for third quarter 2008 financial results release and conference call |
| October 23, 2008 - Algonquin Power Income Fund Declares Cash Distribution for October 2008 |
| October 20, 2008 - Algonquin Power Positions the Fund for Future Growth |
| September 17, 2008 - Algonquin Power Income Fund Declares Cash Distribution for September 2008 |
| August 21, 2008 - Algonquin Power Income Fund Declares Cash Distribution for August 2008 |
| August 14, 2008 - Algonquin Power Income Fund Announces Second Quarter 2008 Financial Results |
| August 1, 2008 - Algonquin Power Income Fund and Highground Capital Corp. Announce Completion of Business Combination |
| July 29, 2008 - Algonquin Power Income Fund Announces Amalgamation With Highground Capital Corp. |
| July 22, 2008 - Algonquin Power Income Fund Declares Cash Distribution for July 2008 |
| July 3, 2008 - Algonquin Power Income Fund announces dates for second quarter 2008 financial results release and conference call |
| June 18, 2008 - Algonquin Power Income Fund Declares Cash Distribution for June 2008 |
| May 22, 2008 - Algonquin Power Income Fund Declares Cash Distribution for May 2008 |
| May 13, 2008 - Algonquin Power Income Fund Enters Into Agreement to Issue $27.0 Million Trust Units |
| May 8, 2008 - Algonquin Power Income Fund Announces First Quarter 2008 Financial Results |
| April 22, 2008 - Algonquin Power Income Fund Declares Cash Distribution for April 2008 |
| April 3, 2008 - Algonquin Power
Income Fund announces plans to release first quarter 2008 results |
| March 25, 2008 - Algonquin Power Income Fund Adopts Unitholder Rights Plan |
| March 20, 2008 - Algonquin Power Income
Fund declares cash distribution for March 2008 |
| March 6, 2008 - Algonquin Power Income Fund Announces Fourth Quarter and Year End 2007 Financial Results |
| February 21, 2008 - Algonquin Power Income Fund declares cash distribution for February 2008 |
| January 31, 2008 - Algonquin Power Income Fund announces dates for fourth quarter and year end 2007 financial results release and conference call |
| January 22, 2008 - Algonquin Power Income Fund Declares Cash Distribution for January 2008 |
| January 16, 2008 - Algonquin
Power announces renewal of credit facilities for a three year term |
Algonquin Power Income Fund Declares Cash Distribution for December 2008
Oakville, Ontario – December 11, 2008 - Algonquin Power Income Fund (the “Fund”) (TSX:APF.UN) of Oakville,
Ontario announced today that its Trustees have declared a cash distribution on its trust units. The distribution is $0.02
per trust unit payable on January 15, 2009 to the unitholders of record on December 31, 2008 for the period from December
01, 2008 to December 31, 2008.
The Fund has 77,516,326 units issued and outstanding which together with 2,101,159 units of Algonquin (AirSource) Power LP
outstanding, results in an aggregate of 79,577,143 equivalent trust units issued and outstanding based on the exchange
provisions applicable with respect to units of Algonquin (AirSource) Power LP.
About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of clean, renewable
power generation and sustainable infrastructure assets across North America, including 42 renewable energy facilities,
11 thermal energy facilities, and 17 water distribution and waste-water facilities. Algonquin Power was established in
1997 to provide stable earnings through a diversified portfolio of renewable energy assets. Algonquin Power's units and
convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB and APF.DB.A and units
are included in the S&P/TSX Composite Index.
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Algonquin Power Income Fund Declares Cash Distribution for November 2008
Oakville, Ontario – November 20, 2008 - Algonquin Power Income Fund (the “Fund”) (TSX:APF.UN) of Oakville,
Ontario announced today that its Trustees have declared a cash distribution on its trust units. The distribution is $0.02 per
trust unit payable on December 15, 2008 to the unitholders of record on November 28, 2008 for the period from November
01, 2008 to November 30, 2008.
The Fund has 77,496,713 units issued and outstanding which together with 2,121,159 units of Algonquin (AirSource) Power LP
outstanding, results in an aggregate of 79,577,146 equivalent trust units issued and outstanding based on the exchange
provisions applicable with respect to units of Algonquin (AirSource) Power LP.
About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of clean, renewable
power generation and sustainable infrastructure assets across North America, including 42 renewable energy facilities,
11 thermal energy facilities, and 17 water distribution and waste-water facilities. Algonquin Power was established in
1997 to provide stable earnings through a diversified portfolio of renewable energy assets. Algonquin Power's units and
convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB and APF.DB.A and units
are included in the S&P/TSX Composite Index.
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Algonquin Power Income Fund Announces Third Quarter 2008 Financial Results
Oakville, Ontario – November 6, 2008 - Algonquin Power Income Fund (the “Fund” or “Algonquin Power”)
(TSX: APF.UN) today announced financial results for the third quarter of 2008, ended September 30, 2008.
For the third quarter of 2008, revenue increased to $55.1 million as compared to $46.4 million in the third
quarter of 2007. The increase in revenue is primarily due to higher energy production and energy rates in the
renewable energy and thermal energy divisions.
Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) was $22.2 million in the third
quarter as compared to $22.8 million in the third quarter of 2007. The decrease in EBITDA is primarily
related to a non-recurring reduction in operating expenses related to the achievement of commercial operation
at the St. Leon Wind Energy facility and the recognition of interest income earned on unpaid liquidated damages
at the facility totalling approximately $2.1 million that was included in the comparative period. Adjusted for
these non-recurring items, EBITDA grew by $1.5 due to better hydrological conditions and higher gas prices than
the comparative period, and gains of $0.7 million on the sale of certain fixed assets.
Cash available for distribution in the third quarter of 2008 was $15.2 million or $0.19 per unit as
compared to $18.5 million or $0.24 per unit in the third quarter of 2007. During the third quarter,
Algonquin Power Income Fund distributed $0.23 per trust unit, consistent with the amount distributed
during the same period in 2007.
Net loss from continuing operations in the third quarter of 2008 was $4.4 million ($0.06 net loss per
unit) as compared to net earnings of $13.0 million ($0.18 net earnings per unit) for the third quarter
of 2007. Adjusted for future income tax expenses as well as gains and losses on foreign exchange and
financial instruments, Algonquin Power recorded net earnings in the third quarter of $4.7 million ($0.06
net earnings per unit), consistent with net earnings of $4.7 million ($0.06 net earnings per unit) in 2007.
Performance Summary for the third quarter of 2008:
- Revenue of $55.1 million in Q3 2008 as compared to $46.4 million in Q3 2007.
- EBITDA of $22.2 million in Q3 2008 as compared to $22.8 million in Q3 2007.
- Net loss from continuing operations of $4.4 million or $0.06 per trust unit in Q3 2008 as compared
to net earnings of $13.0 million or $0.18 per trust unit in Q3 2007.
- Cash available for distribution of $15.2 million or $0.19 per trust unit in Q3 2008 as compared to
$18.5 million or $0.24 per trust unit in Q3 2007. Distributions for the third quarter of both 2008 and
2007 were $0.23 per trust unit.
Performance Summary for the first nine months of 2008:
- Revenue of $157.3 million for the first nine months of 2008 as compared to $141.9 million in the first
nine months of 2007.
- EBITDA of $66.8 million for the first nine months of 2008 as compared to $67.7 million in the first
nine months of 2007.
- Net earnings from continuing operations of $2.1 million or $0.03 per trust unit for the first nine
months of 2008 as compared to $17.3 million or $0.24 per trust unit for the first nine months of 2007.
- Cash available for distribution of $47.0 million ($0.61 per trust unit) in the first nine months of
2008 as compared to $52.4 million ($0.69 per trust unit) for the same period in 2007. Distributions for
both the first nine months of 2008 and 2007 were $0.69 per trust unit.
“Management continues to focus on the successful performance of Algonquin Power’s long-lived portfolio
of clean, renewable energy and utility assets”, stated Dave Kerr, managing director of Algonquin Power.
“Algonquin Power continues to show increased revenue and demonstrates a strong cash-flow position backed
by assets under long-term contracts that provide a solid foundation in the recent volatile economic climate.
The solid performance during the first nine months of 2008 combined with financial flexibility confirms
Algonquin Power is well positioned to weather the tightening in the financial markets and has the ability
to finance future growth and acquisitions objectives.”
To view a detailed report of third quarter results click here.
Algonquin Power will hold an earnings conference call at 10:00 a.m. eastern time on Friday, November 7,
2008, hosted by executive directors Dave Kerr and Chris Jarratt, and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, November 7, 2008
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-590-1817 or local 416-646-3097.
Conference ID#: 21286166
For those unable to attend the live call, a digital recording will be available for replay two hours
after the call by dialing 1-877-289-8525 or 416-640-1917 access code 21286166# from November 7, 2008 until November 14, 2008.
About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of
clean, renewable power generation and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 11 thermal energy facilities, and 17 water distribution and waste-water
facilities. Algonquin Power was established in 1997 to produce stable earnings through a diversified
portfolio of renewable energy assets. Algonquin Power's units and convertible debentures are traded
on the Toronto Stock Exchange under the symbols APF.UN, APF.DB & APF.DB.A and units are included in
the S&P/TSX Composite Index.
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Algonquin Power Income Fund announces dates for third quarter 2008 financial results release and conference call
Oakville, Ontario – October 27, 2008 - Algonquin Power Income Fund
(“Algonquin Power”) (TSX: APF.UN) today announced plans to release third quarter 2008
financial results the afternoon of Thursday, November 6, 2008. Algonquin Power will hold
an earnings conference call at 10:00 a.m. eastern time on Friday, November 7, 2008, hosted
by executive directors Dave Kerr and Chris Jarratt, and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, November 7, 2008
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-590-1817 or local 416-646-3097.
Conference ID#: 21286166
For those unable to attend the live call, a digital recording will be available for
replay two hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code
21286166# from November 7, 2008 until November 14, 2008.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and has interests in a
diverse portfolio of clean, renewable power generation and sustainable infrastructure
assets across North America, including 42 renewable energy facilities, 11 thermal energy
facilities, and 17 water distribution and waste-water facilities. Algonquin Power was
established in 1997 to produce stable earnings through a diversified portfolio of renewable
energy assets. Algonquin Power's units and convertible debentures are traded on the Toronto
Stock Exchange under the symbols APF.UN, APF.DB & APF.DB.A and units are included in the S&P/TSX Composite
Index.
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Algonquin Power Income Fund Declares Cash Distribution for October 2008
Oakville, Ontario – October 23, 2008 - Algonquin Power Income Fund (the “Fund”)
(TSX:APF.UN) of Oakville, Ontario announced today that its Trustees have declared a cash distribution
on its trust units. The distribution is $0.02 per trust unit payable on November 17, 2008 to the
unitholders of record on October 31, 2008 for the period from October 01, 2008 to October 31, 2008.
Starting with the October 2008 distribution payment, the Fund has made an adjustment to the usual
forty-five (45) day payment cycle and will begin paying monthly distributions approximately fifteen
15) days following the record date for each month. Therefore, unitholders of record on October 31,
2008 will receive payment of $0.02 per trust unit on November 17, 2008. Unitholders of record on
September 30, 2008 will receive payment of $0.0766 per trust unit for the month of September on
November 17, 2008. Therefore, unitholders of record for both the months of September and October
will receive a total distribution payment of $0.0966 per unit on November 17, 2008.
The Fund has 77,380,124 units issued and outstanding which together with 2,197,028 units of Algonquin
(AirSource) Power LP outstanding, results in an aggregate of 79,577,152 equivalent trust units issued
and outstanding based on the exchange provisions applicable with respect to units of Algonquin (AirSource) Power LP.
About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio
of clean, renewable power generation and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 11 thermal energy facilities, and 17 water distribution and waste-water
facilities. Algonquin Power was established in 1997 to provide stable earnings through a diversified portfolio
of renewable energy assets. Algonquin Power's units and convertible debentures are traded on the Toronto
Stock Exchange under the symbols APF.UN, APF.DB and APF.DB.A and units are included in the S&P/TSX Composite Index.
Top of Page |
Algonquin Power Positions the Fund for Future Growth
Oakville, Ontario – October 20, 2008 – Algonquin Power Income Fund (the "Fund" or "Algonquin Power")
(TSX: APF.UN) is taking steps to better position the Fund for future growth and to maximize unitholder value in the
current business climate.
The changes result from a comprehensive strategic review that was undertaken over the past several months by the Board
of Trustees of the Fund and Algonquin Power Management Inc., the manager (the “Manager”) of the Fund.
The strategic review was initiated in order to assess Algonquin Power’s competitive strengths, organic growth potential
and strategic acquisition opportunities, while taking into account the current business and capital market environments.
As a result of the strategic review, the Manager has recommended and the Board of Trustees has approved three primary
value enhancement initiatives.
First, the Fund will make strategic adjustments to be consistent with the business environment in which Algonquin Power operates:
- the tax efficient income trust structure will be preserved until 2011 for the benefit of unitholders;
- the management team will be internalized to be consistent with industry standards; and,
- the distribution level will be established at a sustainable level to allow Algonquin Power to more aggressively pursue
growth strategies, while maintaining healthy unitholder returns.
Second, the renewable power and clean energy generation business of the Fund will be managed with an increased emphasis
on growth through the development of green-field projects and the expansion of opportunities within the Fund’s existing portfolio.
Lastly, the Utility Division will be re-positioned to refine Algonquin Power’s internal and external business focus and
to surface unrealized investor value within the division.
The Board of Trustees and Manager believe these initiatives will enhance the value of the Fund’s trust units.
Strategic Changes to Build on a Solid Record of Achievement
The Manager and the Board of Trustees have established a strategic plan to position the Fund for robust future growth.
Algonquin Power makes these strategic adjustments upon a foundation of ten years of solid growth. With a strong portfolio
of core businesses in the power and utility sectors, Algonquin Power has total assets of approximately $1 billion, annual
revenues approaching $200 million and EBITDA in excess of $85 million annually. The Board of Trustees believe this critical
mass of high quality assets, together with the expanding pipeline of exciting development opportunities and the Fund’s highly
experienced management team can deliver an attractive investor value proposition.
The strategic review was commenced with the objective of developing a plan to address the internal and external realities
that Algonquin Power faces in today’s business environment, the most notable of which include the change in taxation
policies facing income trusts in 2011, the pressure on distributable cash from the continuing volatility in the foreign
exchange environment, and the turbulence evident in the financial markets.
As a result of the strategic review, the Manager and Board of Trustees have concluded that Algonquin Power’s assets
will continue to provide robust earnings and that the expanding pipeline of growth opportunities continues to be a key
element of the Algonquin Power value proposition. However, it is felt that the market price of the Fund’s trust
units does not adequately reflect the value of the Fund’s unique portfolio of assets or growth prospects. As such,
the Board of Trustees is committed to the following initiatives:
Adjust Business to Enhance Value
To maximize tax efficiency, the Board of Trustees has elected to maintain the trust structure until 2011 at which
time the new taxation policies affecting income trusts are scheduled to come into effect. The Manager believes that
the ’normal growth’ limitations that could trigger an earlier application of the new taxation are not a concern. The
‘normal growth’ policy provides ample scope for Algonquin Power to continue to execute on its growth strategy (up to
an additional $650 million in equity would be possible prior to 2011 without triggering such application).
In order to align the management structure with its corporate peers, the Manager and the Board of Trustees are mutually
endorsing the internalization of management.
To strengthen Algonquin Power’s financial position and support its growth initiatives, the Board of Trustees has
approved a reduction in the cash distributions payable to Algonquin Power’s unitholders to $0.24 per unit per annum
commencing in October, 2008. It is believed this decision positions Algonquin Power to create greater unitholder
value. In particular, it allows Algonquin Power to:
- more aggressively pursue accretive growth opportunities;
- internally fund growth in the face of uncertain capital markets;
- retain cash to provide the Fund the ability to meet the anticipated tax policy changes scheduled for 2011; and,
- mitigate the impact of continued foreign exchange volatility on distributable cash
Under the revised distribution policy, commencing with the distribution to unitholders of record on October 31, 2008,
the Fund plans to pay monthly distributions of $0.02 per unit. In addition, instead of the usual forty-five (45) day
payment cycle the Fund will begin paying monthly distributions approximately fifteen (15) days following the record
date for each month. Therefore, unitholders of record on October 31, 2008 will receive payment on November 17, 2008.
Unitholders of record on September 30, 2008 will also receive payment for the month of September on November 17, 2008.
Therefore, unitholders of record for both the months of September and October will receive a total distribution payment
of $0.0966 per unit on November 17, 2008.
The Manager and Board of Trustees are confident in Algonquin Power’s ability to create unitholder
value through funding of project development initiatives, exploiting organic growth opportunities,
pursuing accretive acquisitions, and exercising operational flexibility in today’s challenging business environment.
Increased Focus on Project Development and Opportunity Exploitation
Algonquin Power is committed to being a successful competitor in the independent power generation marketplace
and believes that this refined business focus will allow it to capitalize on the growing demand for environmentally
sustainable sources of electrical generation.
With respect to realizing such growth, Algonquin Power has a dedicated and experienced management team with
extensive expertise in developing renewable power and clean energy projects in North America. It is the Manager’s
and Board of Trustees’ belief that there are excellent opportunities to deliver accretive growth through investment
in development projects.
In addition, the revised distribution policy supports a capital structure that will improve Algonquin Power’s financial
flexibility in order to exploit emerging opportunities that are anticipated to result from the turbulence of today’s
business environment.
Improve Business Focus by Re-Positioning Utility Division
The Manager believes there is substantial value within the Utility Division that has not been surfaced in the current
income trust environment. Algonquin Power seeks to improve its internal and external business focus by re-positioning
the Utility Division as an independent subsidiary. A dedicated management team for the division has already been established.
This team is well positioned to complete several pending applications for rate increases and to pursue continued organic
growth and accretive utility infrastructure acquisitions to gain economic scale. Algonquin Power will consider establishing
a separate capital structure to permit new sources of capital into the Utility Division if the capital demands from the
growth program outpace the funding capabilities of the Fund.
“The strategic review revealed that the most effective way to create investor value is through a business focus that
emphasizes project development, organic growth and accretive acquisitions. The Manager anticipates capitalizing on a
new stream of opportunities made possible through the financial flexibility afforded by a strengthened balance sheet
and a distribution policy consistent with growth prospects and strategies,” commented Dave Kerr, Executive Director
of Algonquin Power. “As a result of the strategic review and subsequent recommendations, the Board of Trustees and
the Manager believe that Algonquin Power is now well positioned to deliver value through predictable earnings from
the existing portfolio of long lived, renewable and clean energy assets, accretive growth through investment in the
strong pipeline of renewable project development and exploitation of organic expansion opportunities”.
Algonquin Power Income Fund will hold a conference call and webcast on October 20, 2008, hosted by Trustees, Ken Moore,
Chris Ball, and George Steeves, and Executive Directors, Chris Jarratt, David Kerr and Ian Robertson and the Fund’s CFO,
David Bronicheski. The call and webcast are scheduled to begin at 5:15 p.m. eastern time.
Connection details are as follows:
Date: Monday, October 20, 2008
Start Time: 5:15 p.m. eastern
To access the live and archived audio and web cast please click here.
To access the voice portion of the call only:
Phone Number: Toll free within North America: 1-800-732-9303 or local 416-644-3414.
Conference ID#: 21286628
For access to the archived voice portion of the call, a digital recording will be available for replay two
hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code 21286628# from October 20, 2008 until October 27, 2008.
To access a copy of the slides in pdf format click here.
Forward-looking statements
Certain written and oral statements contained in this presentation and information release are forward-looking
within the meaning of certain securities laws and reflect the views of Algonquin Power Income Fund (the “Company”)
and its manager with respect to future events, based upon assumptions relating to, among others, the performance
of the Company's assets, the business realities facing the Company, the impact of laws and regulations and the state
of financial and credit markets. These forward looking statements include, among others, statements with respect
to the expected performance of the Company, its future plans and its distributions to unitholders. Statements
containing expressions such as "believes", "anticipates", "continues", "could", "expect", "may", "will", "project",
"estimates", "intend", "plan" and similar expressions generally constitute forward-looking statements.
Since forward-looking statements relate to future events and conditions, by their very nature they require us to make
assumptions and involve inherent risks and uncertainties. We caution that although we believe our assumptions are
reasonable in the circumstances, these risks and uncertainties give rise to the possibility that our actual results
may differ materially from the expectations set out in the forward-looking statements. Material risk factors include
the continued volatility of world financial markets; the impact of movements in exchange rates and interest rates; the
effects of changes in environmental and other laws and regulatory policy applicable to the energy and utilities sectors;
decisions taken by regulators on monetary policy and the taxation of income funds; and the state of the Canadian and the
US economy and accompanying business climate. We caution that this list is not exhaustive, and other factors could
adversely affect our results. Given these risks, undue reliance should not be placed on these forward-looking statements,
which apply only as of their dates. Except as required by law, the Company and its manager do not intend to update or
revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of renewable power
generation and sustainable infrastructure assets across North America, including 42 renewable energy facilities, 11
thermal energy facilities, and 17 water distribution and waste-water facilities. Algonquin Power was established in
1997 to provide stable earnings through a diversified portfolio of renewable energy assets. Algonquin Power's units
and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB & APF.DB.A and
units are included in the S&P/TSX Composite Index.
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Algonquin Power Income Fund Declares Cash Distribution for September 2008
Oakville, Ontario – September 17, 2008 Algonquin Power Income Fund (the “Fund”) (TSX:APF.UN) of
Oakville, Ontario announced today that its Trustees have declared a cash distribution on its trust units. The
distribution is $0.0766 per trust unit payable on November 17, 2008 to the unitholders of record on September
30, 2008 for the period from September 01, 2008 to September 30, 2008.
The Fund has 77,343,108 units issued and outstanding which together with 2,277,787 units of Algonquin (AirSource)
Power LP outstanding, results in an aggregate of 79,577,161 equivalent trust units issued and outstanding based
on the exchange provisions applicable with respect to units of Algonquin (AirSource) Power LP.
About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of clean,
renewable power generation and sustainable infrastructure assets across North America, including 42 renewable
energy facilities, 11 thermal energy facilities, and 17 water distribution and waste-water facilities. Algonquin
Power was established in 1997 to provide stable earnings through a diversified portfolio of renewable energy assets.
Algonquin Power's units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN,
APF.DB and APF.DB.A and units are included in the S&P/TSX Composite Index.
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Algonquin Power Income Fund Declares Cash Distribution for August 2008
Oakville, Ontario – August 21, 2008 - Algonquin Power Income Fund (the “Fund”) (TSX:APF.UN) of
Oakville, Ontario announced today that its Trustees have declared a cash distribution on its trust units. The distribution
is $0.0766 per trust unit payable on October 15, 2008 to the unitholders of record on August 29, 2008 for the period from
August 01, 2008 to August 31, 2008.
The Fund has 77,339,678 units issued and outstanding which together with 2,281,287 units of Algonquin (AirSource) Power
LP outstanding, results in an aggregate of 79,577,164 equivalent trust units issued and outstanding based on the exchange
provisions applicable with respect to units of Algonquin (AirSource) Power LP.
About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of clean, renewable power generation and sustainable infrastructure assets across North America, including 42 renewable energy facilities, 11 thermal energy facilities, and 17 water distribution and waste-water facilities. Algonquin Power was established in 1997 to provide stable earnings through a diversified portfolio of renewable energy assets. Algonquin Power's units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB and APF.DB.A and units are included in the S&P/TSX Composite Index.
Top of Page |
Algonquin Power Income Fund Announces Second Quarter 2008 Financial Results
August 14, 2008
Oakville, Ontario – Algonquin Power Income Fund (TSX: APF.UN) today announced financial results for the second quarter of 2008, ended June 30, 2008.
For the second quarter of 2008, revenue grew to $54.2 million as compared to $47.8 million in the second quarter of 2007. The increase
in revenue is primarily due to higher energy production and energy rates in the renewable energy and thermal energy divisions and
rate increases and organic growth in the utility services division.
Net earnings from continuing operations in the second quarter of 2008 were $8.0 million as compared to a net loss of $2.6
million for the second quarter of 2007. Net earnings from continuing operations per trust unit in the second quarter of 2008
were $0.11 as compared to a net loss per trust unit of $0.04 in the same period in 2007. The increase in net earnings during
the second quarter is due to increased earnings from operating facilities and a reduced future income tax expense as compared
to the second quarter of 2007.
Cash available for distribution in the second quarter of 2008 was $15.9 million or $0.21 per unit as compared to $18.9 million
or $0.25 per unit in the second quarter of 2007. During the second quarter, Algonquin Power Income Fund distributed $0.23 per
trust unit, consistent with the amount distributed during the same period in 2007.
Performance Summary for the second quarter of 2008:
- Revenue of $54.2 million in Q2 2008 as compared to $47.8 million in Q2 2007.
- Net earnings from continuing operations of $8.0 million or $0.11 per trust unit in Q2 2008 as compared to net loss of $2.6
million or $0.04 per trust unit in Q2 2007.
- Cash available for distribution of $15.9 million or $0.21 per trust unit in Q2 2008 as compared to $18.9 million or $0.25
per trust unit in Q2 2007. Distributions for the second quarter of both 2008 and 2007 were $0.23 per trust unit.
Performance Summary for the first six months of 2008:
- Revenue of $102.2 million for the first six months of 2008 as compared to $95.4 million in the first six months of 2007.
- Net earnings from continuing operations of $6.5 million or $0.09 per trust unit for the first six months of 2008 as compared
to $4.3 million or $0.06 per trust unit for the first six months of 2007.
- Cash available for distribution of $31.8 million ($0.42 per trust unit) in the first six months of 2008 as compared
to $34.0 million ($0.45 per trust unit) for the same period in 2007. Distributions for both the first half of 2008 and 2007
were $0.46 per trust unit.
“Overall, management is pleased with the results of the quarter, with the renewable energy division exceeding expectations
as a result of favourable hydrology and wind conditions”, stated Dave Kerr, managing director of Algonquin Power.
“The re-alignment initiated in January has shown success in the first half of 2008 with the two major business units,
consisting of Power Generation & Development, and Utility Services focusing on continued growth and performance within
their respective disciplines. In addition, the Development division continues to pursue several wind, hydroelectric and
thermal energy projects in North America that will further expand Algonquin’s portfolio of clean, renewable energy and
sustainable utility assets.”
To view a detailed report of second quarter results, please Click
Here
.
Algonquin Power Income Fund will hold an earnings conference call on Friday, August 15, 2008, hosted by Executive
Directors, David Kerr and Chris Jarratt. The call is scheduled to begin at 10:00 a.m. eastern time.
Conference call details are as follows:
Date: Friday, August 15, 2008
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-733-7560 or local 416-644-3416.
Conference ID#: 21276521
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by
dialing 1-877-289-8525 or 416-640-1917 access code 21276521# from August 15, 2008 until August 22, 2008.
About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of clean, renewable
power generation and sustainable infrastructure assets across North America, including 42 renewable energy facilities, 12
thermal energy facilities, and 17 water distribution and waste-water facilities. Algonquin Power was established in 1997
to produce stable earnings through a diversified portfolio of renewable energy assets. Algonquin Power's units and
convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB & APF.DB.A and units
are included in the S&P/TSX Composite Index.
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August 1, 2008
Oakville, Ontario – Algonquin Power Income Fund (“APIF” or “Algonquin Power”) and Highground Capital Corp.
(“Highground” or the “Company”) have completed the previously announced business combination transactions (the “Transactions”)
whereby, among other things, Highground amalgamated with a subsidiary of its manager and an Algonquin subsidiary, and
shareholders of Highground received 0.9749 trust units of Algonquin Power for each common share formerly held in Highground.
Algonquin Power issued approximately 3.5 million trust units in connection with the Transactions and will receive between
$22.2 and $23.7 million in cash (dependent on the final proceeds of realization of certain Highground investments) together
with the return of notes with an aggregate face value of approximately $4.8 million issued by APIF affiliates related to
its St. Leon and Brampton Cogeneration projects as consideration. The common shares of Highground are in the process of
being de-listed from the TSX Venture Exchange.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of renewable power
generation and sustainable infrastructure assets across North America, including 42 renewable energy facilities, 12 thermal
energy facilities, and 17 water distribution and waste-water facilities. Algonquin Power was established in 1997 to provide
stable earnings through a diversified portfolio of renewable energy assets. Algonquin Power's units and convertible
debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB and APF.DB.A and such units are
included in the S&P/TSX Composite Index.
About Highground
Highground Capital Corp. (now Highground Capital Inc. following completion of the Transactions) actively pursues strategic
growth opportunities that meet critical long term community needs in the infrastructure and renewable power sectors. The
Company’s activities are typically supported by assets which generate strong recurring revenue streams.
Forward Looking Statements
Certain statements contained in the information herein are forward-looking and reflect the views of APIF and Algonquin
Power Management Inc. (the “Manager”) with respect to future events. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks and uncertainties. Forward-looking statements are not
guarantees of APIF’s future performance or results and are subject to various factors, including, but not limited to,
assumptions such as those relating to: the performance of APIF’s assets, commodity market prices, interest rates, and
environmental and other regulatory requirements. Although APIF and its Manager believe that the assumptions inherent
in these forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply
only as of the dates hereof. The Fund and its Manager are not obligated nor do either of them intend to update or revise
any forward-looking statements, whether as a result of new information, future developments or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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Algonquin Power Income Fund Announces Amalgamation With Highground Capital Corp.
July 29th, 2008
Oakville, Ontario – Algonquin Power Income Fund (“APIF” or “Algonquin Power”) announced today that
shareholders of Highground Capital Corp. (“Highground”) have approved the previously disclosed business
combination at a special meeting of shareholders held yesterday, July 28, 2008, with over 99% of the shares
voted at the meeting being cast in favour of the amalgamation transactions (the “Transactions”).
Following completion of the Transactions scheduled to occur on August 1, 2008, shareholders of Highground
will receive 0.9749 trust units in the capital of Algonquin Power for each share currently held in Highground.
Algonquin Power will issue approximately 3.5 million trust units and will receive between $7.71 and $8.14
per unit, comprised of cash (in an amount between $22.2 and $23.7 million, dependent on the final proceeds
of realization of certain Highground investments) together with the return of notes with an aggregate face
value of approximately $4.8 million issued by APIF affiliates related to its St. Leon and Brampton
Cogeneration projects as consideration.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of
renewable power generation and sustainable infrastructure assets across North America, including 42 renewable
energy facilities, 12 thermal energy facilities, and 17 water distribution and waste-water facilities.
Algonquin Power was established in 1997 to provide stable earnings through a diversified portfolio of renewable
energy assets. Algonquin Power's units and convertible debentures are traded on the Toronto Stock Exchange
under the symbols APF.UN, APF.DB and APF.DB.A and such units are included in the S&P/TSX Composite Index.
About Highground
Highground Capital Corp. actively pursues strategic growth opportunities that meet critical long term
community needs in the infrastructure and renewable power sectors. Highground Capital Corp.’s activities
are typically supported by assets which generate strong recurring revenue streams. The common shares of Highground
Capital Corp. trade on the TSX Venture Exchange under the trading symbol HCC.
Forward Looking Statements
Certain statements contained in the information herein are forward-looking and reflect the views of APIF and
Algonquin Power Management Inc. (the “Manager”) with respect to future events. Since forward-looking statements
address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
Forward-looking statements are not guarantees of APIF’s future performance or results and are subject to various
factors, including, but not limited to, assumptions such as those relating to: the performance of APIF’s assets,
commodity market prices, interest rates, and environmental and other regulatory requirements. Although APIF and its
Manager believe that the assumptions inherent in these forward-looking statements are reasonable, undue reliance should
not be placed on these statements, which apply only as of the dates hereof. The Fund and its Manager are not obligated
nor do either of them intend to update or revise any forward-looking statements, whether as a result of new
information, future developments or otherwise.
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Algonquin Power Income Fund Declares Cash Distribution for July 2008
July 22nd, 2008
Oakville, Ontario - Algonquin Power Income Fund (the “Fund”) (TSX:APF.UN) of Oakville, Ontario
announced today that its Trustees have declared a cash distribution on its trust units. The distribution is $0.0766
per trust unit payable on September 15, 2008 to the unitholders of record on July 31, 2008 for the period from July 01,
2008 to July 31, 2008.
The Fund has 73,793,014 units issued and outstanding which together with 2,321,587 units of Algonquin (AirSource)
Power LP outstanding, results in an aggregate of 76,070,027 equivalent trust units issued and outstanding based on
the exchange provisions applicable with respect to units of Algonquin (AirSource) Power LP.
About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of clean,
renewable power generation and sustainable infrastructure assets across North America, including 42 renewable energy
facilities, 12 thermal energy facilities, and 17 water distribution and waste-water facilities. Algonquin Power was
established in 1997 to provide stable earnings through a diversified portfolio of renewable energy assets. Algonquin Power's
units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB and APF.DB.A and units
are included in the S&P/TSX Composite Index.
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Algonquin Power Income Fund announces dates for second quarter 2008 financial results release and conference call
July 03, 2008
Oakville, Ontario - Algonquin Power Income Fund (“Algonquin Power”) (TSX: APF.UN) today
announced plans to release second quarter 2008 financial results the afternoon of Thursday, August 14, 2008.
Algonquin Power will hold an earnings conference call at 10:00 a.m. eastern time on Friday, August 15, 2008,
hosted by executive directors, David Kerr and Chris Jarratt.
Conference call details are as follows:
Date: Friday, August 15, 2008
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-733-7560 or local 416-644-3416.
Conference ID#: 21276521
For those unable to attend the live call, a digital recording will be available for replay two hours after the
call by dialing 1-877-289-8525 or 416-640-1917 access code 21276521# from August 15, 2008 until August 22, 2008.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of clean, renewable
power generation and sustainable infrastructure assets across North America, including 42 renewable energy facilities,
12 thermal energy facilities, and 17 water distribution and waste-water facilities. Algonquin Power was established in 1997
to produce stable earnings through a diversified portfolio of renewable energy assets. Algonquin Power's units and convertible
debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB & APF.DB.A and units are included in
the S&P/TSX Composite Index.
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Algonquin Power Income Fund Declares
Cash Distribution For June 2008
June 18, 2008
Oakville, Ontario - Algonquin Power Income Fund (the “Fund”) (TSX:APF.UN) of Oakville,
Ontario announced today that its Trustees have declared a cash distribution on its trust units. The
distribution is $0.0766 per trust unit payable on August 15, 2008 to the unitholders of record on
June 30, 2008 for the period from June 01, 2008 to June 30, 2008.
The Fund has 73,783,602 units issued and outstanding which together with 2,331,187
units of Algonquin (AirSource) Power LP outstanding, results in an aggregate of 76,070,030
equivalent trust units issued and outstanding based on the exchange provisions applicable with
respect to units of Algonquin (AirSource) Power LP.
About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio
of clean, renewable power generation and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 12 thermal energy facilities, and 17 water distribution and waste-water
facilities. Algonquin Power was established in 1997 to provide stable earnings through a diversified
portfolio of renewable energy assets. Algonquin Power's units and convertible debentures are traded on
the Toronto Stock Exchange under the symbols APF.UN, APF.DB and APF.DB.A and units are included in the
S&P/TSX Composite Index.
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Algonquin Power Income Fund Declares
Cash Distribution For May 2008
May 22, 2008
Oakville, Ontario - Algonquin
Power Income Fund (the “Fund”) (TSX:APF.UN) of Oakville,
Ontario announced today that its Trustees have declared a cash
distribution on
its trust units. The distribution is $0.0766 per trust unit payable
on July 15, 2008 to the unitholders of record on May 30, 2008 for
the period
from May 01, 2008 to May 31, 2008.
The Fund has 73,768,405 units issued and outstanding which together
with 2,346,687 units of Algonquin (AirSource) Power LP outstanding,
results in an aggregate of 76,070,036 equivalent trust units issued
and outstanding based on the exchange provisions applicable with
respect to units of Algonquin (AirSource) Power LP.
About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has
interests in a diverse portfolio of clean, renewable power generation
and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 12 thermal energy facilities, and
17 water distribution and waste-water facilities. Algonquin Power
was established in 1997 to provide stable earnings through a diversified
portfolio of renewable energy assets. Algonquin Power's units and
convertible debentures are traded on the Toronto Stock Exchange
under the symbols APF.UN, APF.DB and APF.DB.A and units are included
in the S&P/TSX Composite Index.
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Algonquin Power Income Fund Enters Into Agreement to Issue $27.0 Million Trust Units
May 13, 2008
Oakville, Ontario – Algonquin Power Income Fund (“APIF” or “Algonquin Power”) announced today that its
wholly owned subsidiary (“Algonquin Acquisition”) proposes to amalgamate (the “Transaction”) with CJIG Acquisition Inc. (“CJIG Subco”) and
Highground Capital Corp. (“Highground”). APIF will issue approximately 3.5 million trust units to Algonquin Acquisition, which trust units
shall be utilized in part as consideration delivered to Highground shareholders under the Transaction. Subject to certain adjustments, APIF
will receive total proceeds, in the form of cash and securities, equal to $27.0 million, representing an effective equity issuance price of
approximately $7.69 per trust unit.
By way of background, CJIG Management Inc. has entered into a letter agreement with Highground whereby Highground will recommend and support
the Transaction. CJIG Subco is the wholly owned subsidiary of CJIG Management Inc., the manager of Highground. Pursuant to the Transaction,
shareholders of Highground will ultimately receive 0.9749 trust units of APIF, representing value of $7.50 for each Highground share
(based on the volume weighted average closing price of APIF units for the 20 day trading period ending on May 9, 2008). The Board of Directors
of Highground has, upon the recommendation from its Independent Committee and after consultation with its financial and legal advisors,
determined that the Transaction is in the best interests of Highground shareholders, has agreed to support the Transaction and recommend
that Highground shareholders approve the Transaction.
“The transaction with CJIG Subco represents a cost effective opportunity for APIF to access the capital markets on an attractive basis,
without payment by APIF of the typical offering costs or discounts”, commented Ken Moore, Chairman of the Trustees of APIF. “Although a
modest sized transaction, this equity issuance will enhance our flexibility to further the attractive growth opportunities APIF is pursuing.
In addition, the proposed transaction includes the repatriation of Highground’s investments of approximately $4.8 million in certain existing
APIF facilities and adds the interest held by Highground in the 5 MW Twin Falls hydroelectric generating project to APIF’s growing portfolio
of renewable energy assets.”
The approximately $21.0 million represented by the cash portion of the proceeds received by APIF under the transaction will be utilized for
general corporate purposes including reduction of debt.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of renewable power generation and
sustainable infrastructure assets across North America, including 42 renewable energy facilities, 12 thermal energy facilities, and 17
water distribution and waste-water facilities. Algonquin Power was established in 1997 to provide stable earnings through a diversified
portfolio of renewable energy assets. Algonquin Power's units and convertible debentures are traded on the Toronto Stock Exchange under the
symbols APF.UN, APF.DB and APF.DB.A and such units are included in the S&P/TSX Composite Index.
About Highground
Highground Capital Corp. actively pursues strategic growth opportunities that meet critical long term community needs in the infrastructure
and renewable power sectors. Highground Capital Corp.’s activities are typically supported by assets which generate strong recurring revenue
streams. The common shares of Highground Capital Corp. trade on the TSX Venture Exchange under the trading symbol HCC.
For further information regarding Highground or the Transaction, please contact Jeff Norman, President, (905) 465-4547 or Greg Owttrim,
Executive Vice President, (905) 465-4535.
Forward Looking Statements
Certain statements contained in the information herein are forward-looking and reflect the views of APIF and Algonquin Power Management Inc.
(the “Manager”) with respect to future events. Since forward-looking statements address future events and conditions, by their very nature,
they involve inherent risks and uncertainties. Forward-looking statements are not guarantees of APIF’s future performance or results and are
subject to various factors, including, but not limited to, assumptions such as those relating to: the performance of APIF’s assets,
commodity market prices, interest rates, and environmental and other regulatory requirements. Although APIF and its Manager believe that
the assumptions inherent in these forward-looking statements are reasonable, undue reliance should not be placed on these statements, which
apply only as of the dates hereof. The Fund and its Manager are not obligated nor do either of them intend to update or revise any
forward-looking statements, whether as a result of new information, future developments or otherwise.
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Algonquin Power Income Fund Announces First Quarter 2008 Financial Results
May 8, 2008
Oakville, Ontario – Algonquin Power Income
Fund (TSX: APF.UN) (the “Fund” or “Algonquin Power”)
today announced financial results for the first quarter ended March
31, 2008.
For the first quarter of 2008, revenue was $48.0 million, as compared
to $47.6 million in first quarter of 2007. The increase in revenue as
compared to the first quarter of 2007 was primarily due to a combination
of higher energy production and increased weighted average energy rates
generated in the Renewable Energy division, a combination of changes
in production and average energy rates in the Thermal Energy division,
and rate increases combined with organic growth at existing facilities
in the Utility division. Algonquin reported lower revenue of $3.7 million
from its operations in the United States (“U.S.”) as a result
of the stronger Canadian dollar.
Net earnings in the first quarter of 2008 were $(1.6) million as
compared to $6.9 million in the first quarter of 2007. The decrease
in net earnings resulted primarily from additional interest expense
due to increased average borrowings, losses on financial instruments
resulting from changes in interest and foreign exchange rates, lower
earnings on portfolio investments, foreign exchange losses and an increased
income tax expense booked in the quarter.
Cash available for distribution in the first quarter of 2008 was
$15.9 million or $0.21 per trust unit compared to $15.1 million or $0.20
per trust unit in the first quarter of 2007. During the quarter ended
March 31, 2008 cash provided by operating activities totalled $14.7
million or $0.20 per trust unit as compared to cash provided by operating
activities of $10.0 million or $0.14 per trust unit during the same
period in 2007. The change in cash provided by operating activities
in the quarter ended March 31, 2008 is primarily due to increased cash
generated by operations and greater cash generated from working capital
as compared to the same period in 2007. Cash distributions in the first
quarter of 2008 were $0.23 per trust unit, unchanged from the first
quarter of 2007.
Performance Summary for the first quarter of 2008:
- Revenue of $48.0 million in Q1 2008 as compared to $47.6 million
in Q1 2007.
- Net earnings from continuing operations of $(1.6) million or $(0.02)
per trust unit in Q1 2008 as compared to net earnings from continuing
operations of $6.9 million or $0.09 per trust unit in Q1 2007.
- Cash available for distribution of $15.9 million or $0.21 per trust
unit in Q1 2008 as compared to $15.0 million or $0.20 per trust unit
in Q1 2007. Distributions for the first quarter of both 2008 and 2007
were $0.23 per trust unit.
“
At the beginning of the year, to more effectively position itself
to compete in its chosen business sectors Algonquin Power re-aligned
its operations into two major business units consisting of Power Generation & Development,
and Utility Services”, commented Dave Kerr, a senior manager with
the Fund. “Algonquin’s performance in the newly formed Power
Generation & Development business unit exceeded management’s
expectations during the first quarter of 2008, while the Utility Services
business unit fell slightly below expectations due to reduced service
demand as a result of the water and waste water treatment service areas
experiencing cool, wet weather during the quarter.”
Kerr continued, “The re-aligned business units allow Algonquin
to manage according to the respective management disciplines and better
reflect Algonquin’s business strategy, planning and performance
measurement. Algonquin continues to focus on the performance of its
portfolio of renewable, thermal and utility assets, while maximizing
growth and development opportunities within each business unit.”
To view a detailed report of first quarter 2008 results, please Click
Here
.
Algonquin Power Income Fund will hold an earnings conference call
on Friday, May 9, 2008, hosted by Executive Directors, David Kerr and
Chris Jarratt. The call is scheduled to begin at 10:00 a.m. eastern
time.
Conference call details are as follows:
Date: Friday, May 9, 2008
Start Time: 10:00 a.m. eastern
Phone Number : Toll free within North America: 1-800-732-0232 or local
416-644-3414.
Conference ID#: 21267649
For those unable to attend the live call, a digital recording will
be available for replay two hours after the call by dialing 1-877-289-8525
or 416-640-1917 access code 21267649# from May 9, 2008 until May 16,
2008.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and has
interests in a diverse portfolio of clean, renewable power generation
and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 12 thermal energy facilities, and 17
water distribution and waste-water facilities. Algonquin Power was established
in 1997 to provide stable earnings through a diversified portfolio of
renewable energy assets. Algonquin Power's units and convertible debentures
are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB & APF.DB.A
and units are included in the S&P/TSX Composite Index.
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Algonquin Power Income Fund Declares Cash Distribution for April 2008
April 22, 2008
Oakville, Ontario – Algonquin Power Income Fund
(the “Fund”)
(TSX:APF.UN) of Oakville, Ontario announced today that its Trustees
have declared a cash distribution on its trust units. The distribution
is $0.0766 per trust unit payable on June 16, 2008 to the unitholders
of record on April 30, 2008 for the period from April 01, 2008 to
April 30, 2008.
The Fund has 73,730,458 units issued and outstanding which together
with 2,385,387 units of Algonquin (AirSource) Power LP outstanding,
results in an aggregate of 76,070,059 equivalent trust units issued
and outstanding based on the exchange provisions applicable with
respect to units of Algonquin (AirSource) Power LP.
About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has
interests in a diverse portfolio of clean, renewable power generation
and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 12 thermal energy facilities, and
17 water distribution and waste-water facilities. Algonquin Power
was established in 1997 to provide stable earnings through a diversified
portfolio of renewable energy assets. Algonquin Power's units and
convertible debentures are traded on the Toronto Stock Exchange under
the symbols APF.UN, APF.DB & APF.DB.A and units are included in
the S&P/TSX Composite Index.
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Algonquin Power Income Fund announces
first quarter 2008 financial results release and conference call dates
April 3, 2008
Oakville, Ontario – Algonquin Power Income Fund
(“Algonquin Power”) (TSX: APF.UN) today announced plans
to release first quarter 2008 financial results the afternoon of
Thursday, May 8, 2008. Algonquin Power will hold an earnings conference
call at
10:00 a.m. eastern time on Friday, May 9, 2008, hosted by executive
directors, David Kerr and Chris Jarratt.
Conference call details are as follows:
Date: Friday, May 9, 2008
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-732-0232 or local
416-644-3414.
Conference ID#: 21267649
For those unable to attend the live call, a digital recording will
be available for replay two hours after the call by dialing 1-877-289-8525
or 416-640-1917 access code 21267649# from May 9, 2008 until May 16,
2008.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and has
interests in a diverse portfolio of clean, renewable power generation
and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 12 thermal energy facilities, and 17
water distribution and waste-water facilities. Algonquin Power was established
in 1997 to provide stable earnings through a diversified portfolio of
renewable energy assets. Algonquin Power's units and convertible debentures
are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB & APF.DB.A
and units are included in the S&P/TSX Composite Index.
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Algonquin Power Income Fund Adopts Unitholder Rights Plan
March 25, 2008
Oakville, Ontario – Algonquin
Power Income Fund (the “Fund”) announces that its Trustees
have adopted a Unitholder Rights Plan (the “Rights Plan”).
The Rights Plan was adopted by the Trustees on March 20, 2008 and
was adopted to ensure the fair treatment of unitholders in connection
with any take-over offer for the Fund, and to provide the Trustees
and unitholders with additional time to fully consider any unsolicited
take-over bid. The Rights Plan will also provide the Trustees more
time to pursue, if appropriate, other alternatives to maximize
unitholder value.
The Rights Plan is subject to regulatory approval and is subject
to approval by unitholders at the Fund’s annual and special
meeting of unitholders, which will be held in Toronto on April
24, 2008. If approved by unitholders, the Rights Plan will have
an initial term of 3 years.
The Fund is not adopting the Rights Plan in response to any specific
proposal to acquire control of the Fund. The Rights Plan is similar
to plans adopted by other Canadian companies and income trusts
and approved by their shareholders/unitholders.
The Rights Plan is not intended to prevent take-over bids, but
to ensure their proper evaluation. Under the Rights Plan, those
bids that meet certain requirements intended to protect the interests
of all unitholders are deemed to be “Permitted Bids”.
Permitted Bids must be made by way of a take-over bid circular
prepared in compliance with applicable securities laws and remain
open for not less than sixty days.
Under the Rights Plan, Rights have been issued and attached to
all units of the Fund issued and outstanding as of the close of
business on March 20, 2008. Rights will be issued upon any future
issuance of any units of the Fund that occurs prior to the Separation
Time (as defined in the Rights Plan).
In the event a take-over bid does not meet the Permitted Bid requirements
of the Rights Plan, the Rights will entitle unitholders, other
than any unitholder or unitholders making the take-over bid, to
purchase additional units in the Fund at a substantial discount
to the market value at the time.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and
has interests in a diverse portfolio of renewable power generation
and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 12 thermal energy facilities, and
17 water distribution and waste-water facilities. Algonquin Power
was established in 1997 to provide stable earnings through a diversified
portfolio of renewable energy assets. Algonquin Power's units and
convertible debentures are traded on the Toronto Stock Exchange
under the symbols APF.UN, APF.DB & APF.DB.A and units are included
in the S&P/TSX Composite Index.
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Algonquin Power Income Fund declares cash distribution for March 2008
March 20, 2008
Oakville, Ontario – Algonquin Power
Income Fund (the “Fund”) (TSX: APF.UN) of Oakville,
Ontario announced today that its Trustees have declared a cash
distribution on
its trust units. The distribution is $0.0766 per trust unit payable
on May 15, 2008 to the unitholders of record on March 31, 2008
for the period from March 01, 2008 to March 31, 2008.
The Fund has 73,724,280 units issued and outstanding which together
with 2,391,687 units of Algonquin (AirSource) Power LP outstanding,
results in an aggregate of 76,070,047 equivalent trust units issued
and outstanding based on the exchange provisions applicable with
respect to units of Algonquin (AirSource) Power LP.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and
has interests in a diverse portfolio of renewable power generation
and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 12 thermal energy facilities,
and 17 water distribution and waste-water facilities. Algonquin
Power was established in 1997 to provide investors with sustainable,
highly stable cash flows through a diversified portfolio of renewable
energy assets. Algonquin Power's units and convertible debentures
are traded on the Toronto Stock Exchange under the symbols APF.UN,
APF.DB & APF.DB.A and units are included in the S&P/TSX
Composite Index.
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Algonquin Power Income Fund Announces Fourth Quarter and Year End 2007 Financial Results
March 6, 2008
Oakville, Ontario – Algonquin
Power Income Fund (TSX: APF.UN) (the “Fund” or “Algonquin
Power”) today announced financial results for the fourth
quarter and year ended December 31, 2007.
For the fourth quarter of 2007, revenue totalled $44.3 million
as compared to $52.0 million in the fourth quarter of 2006. The
decrease in revenue for the quarter is primarily due to lower than
long term average hydrology and lower production at the Sanger
facility as compared to the same period in the prior year due to
the re-powering project. For the year ended December 31, 2007,
the Fund reported revenue of $186.2 million as compared to $193.2
million in 2006. The decrease in revenue for the year is primarily
due to lower than long term average hydrology and lower average
energy rates at the Fund’s Windsor Locks facility. The decrease
was partially offset by increased energy rates at the Fund’s
United States (“U.S.”) hydroelectric facilities, increased
energy production in the cogeneration division, strong performance
at the St. Leon Wind Energy (“St. Leon”) facility,
and increased rates charged at one of the Fund’s waste-water
treatment facilities.
Net earnings from continuing operations in the fourth quarter
of 2007 were $8.8 million as compared to net earnings of $3.7 million
for the fourth quarter of 2006. Net earnings per trust unit in
the fourth quarter of 2007 were $0.12 as compared to net earnings
per trust unit of $0.06 in the same period in 2006. The increase
in net earnings during the fourth quarter is primarily due to an
increased income tax recovery booked in the quarter, partially
offset by lower reported earnings from the U.S. operating facilities
due to the stronger Canadian dollar. For the year ended December
31, 2007, net earnings from continuing operations totaled $24.8
million as compared to $30.7 million in 2006. The decrease is primarily
due to an increased income tax expense booked in the year related
to Bill C-52, increased average borrowings over the year, increased
amortization expenses, and lower reported earnings from the U.S.
operating facilities due to the stronger Canadian dollar.
Cash available for distribution in the fourth quarter of 2007
was $19.9 million or $0.26 per unit as compared to $17.5 million
or $0.23 per unit in the fourth quarter of 2006. During the fourth
quarter, Algonquin Power Income Fund distributed $0.23 per trust
unit, consistent with the amount distributed during the same period
in 2006. Cash available for distribution for the year ended December
31, 2007 was $72.3 million or $0.95 per unit as compared to $67.5
million or $0.93 in 2006. During 2007, the Fund distributed $0.92
per unit, consistent with distributions paid in 2006. The increase
in cash available for distribution for 2007 is primarily due to
one time gains related to the termination fee in connection with
the offer for Clean Power Income Fund, cash from discontinued operations,
and adjustments related to the Fund’s investment in the St.
Leon facility.
Performance Summary for the fourth quarter of 2007:
- Revenue of $44.3 million in Q4 2007 as compared to $52.0 million
in Q4 2006.
- Net earnings from continuing operations of $8.8 million or
$0.12 per trust unit in Q4 2007 as compared to net earnings
of $3.7 million
or $0.06 per trust unit in Q4 2006.
- Cash available for distribution of $19.9 million or $0.26 per
trust unit in Q4 2007 as compared to $17.5 million or $0.23 per
trust unit in Q4 2006. Distributions for the fourth quarter of
both 2007 and 2006 were $0.23 per trust unit.
Performance Summary for the year ended December 31, 2007:
- Revenue of $186.2 million for the year 2007 as compared to
$193.2 million in 2006.
- Net earnings from continuing operations of $24.8 million or
$0.34 per trust unit for the year 2007 as compared to $30.7 million
or
$0.43 per trust unit for 2006.
- Cash available for distribution of $72.3 million or $0.95 per
trust unit in 2007 as compared to $67.5 million or $0.93 per
trust unit for 2006. Distributions for both 2007 and 2006 were
$0.92
per trust unit.
“Algonquin Power’s key assets performed successfully
in 2007 and the Fund anticipates an exciting year of new growth
projects in 2008”, commented Dave Kerr, a senior manager
with the Fund. “Algonquin Power’s natural gas cogeneration
facilities and 99 MW wind energy facility exceeded Management’s
expectations, while lower than average hydrology impacted performance
in the hydroelectric division. The Fund’s landfill gas facilities,
which were rationalized in December 2007 also impacted the Fund’s
performance in 2007. Looking out to 2008, our development group
continues to build a strong pipeline of growth projects in all
of the Fund’s divisions, while continuing to identify organic
growth opportunities within the Fund’s existing portfolio.
Algonquin Power remains an innovative, respected and responsible
investment opportunity in the clean, renewable power and infrastructure
sector, demonstrating stable performance and solid growth opportunities.”
To view a detailed report of fourth quarter and year end 2007 results
Click
Here
Algonquin Power Income Fund will hold an earnings conference call
on Friday, March 7, 2008, hosted by Executive Directors, David
Kerr and Chris Jarratt. The call is scheduled to begin at 10:00
a.m. eastern time.
Conference call details are as follows:
Date: Friday, March 7, 2008
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-731-6941or
local 416-644-3417.
Conference ID#: 21260701
For those unable to attend the live call, a digital recording will
be available for replay two hours after the call by dialing 1-877-289-8525
or 416-640-1917 access code 21260701# from March 7, 2008 until
March 14, 2008.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and
has interests in a diverse portfolio of renewable power generation
and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 12 thermal energy facilities, and
17 water distribution and waste-water facilities. Algonquin Power
was established in 1997 to provide investors with sustainable,
highly stable cash flows through a diversified portfolio of renewable
energy assets. Algonquin Power's units and convertible debentures
are traded on the Toronto Stock Exchange under the symbols APF.UN,
APF.DB & APF.DB.A and units are included in the S&P/TSX
Composite Index.
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Algonquin Power Income Fund declares cash distribution for February 2008
February 21, 2008
Oakville, Ontario – Algonquin
Power Income Fund (the “Fund”) (TSX:APF.UN) of Oakville,
Ontario announced today that its Trustees have declared a cash
distribution on
its trust units. The distribution is $0.0766 per trust unit payable
on April 15, 2008 to the unitholders of record on February 29,
2008 for the period from February 01, 2008 to February 29, 2008.
The Fund has 73,692,161 units issued and outstanding which together
with 2,424,437 units of Algonquin (AirSource) Power LP outstanding,
results in an aggregate of 76,070,049 equivalent trust units issued
and outstanding based on the exchange provisions applicable with
respect to units of Algonquin (AirSource) Power LP.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and
has interests in a diverse portfolio of renewable power generation
and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 12 thermal energy facilities,
and 17 water distribution and waste-water facilities. Algonquin
Power was established in 1997 to provide investors with sustainable,
highly stable cash flows through a diversified portfolio of renewable
energy assets. Algonquin Power's units and convertible debentures
are traded on the Toronto Stock Exchange under the symbols APF.UN,
APF.DB & APF.DB.A and units are included in the S&P/TSX
Composite Index.
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Algonquin Power Income Fund announces dates for fourth quarter and year end 2007 financial results release and conference call
January 31, 2008
Oakville, Ontario – Algonquin Power
Income Fund (TSX: APF.UN) today announced plans to release fourth
quarter
and year end 2007 financial results the afternoon of Thursday, March
6, 2008. Algonquin Power Income Fund will hold an earnings conference
call at 10:00 a.m. eastern time on Friday, March 7, 2008, hosted
by executive directors, David Kerr and Chris Jarratt.
Conference call details are as follows:
Date: Friday, March 7, 2008
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-731-6941 or
local 416-644-3417.
Conference ID#: 21260701
For those unable to attend the live call, a digital recording will
be available for replay two hours after the call by dialing 1-877-289-8525
or 416-640-1917 access code 21260701# from March 7, 2008 until
March 14, 2008.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and
has interests in a diverse portfolio of renewable power generation
and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 12 thermal energy facilities, and
17 water distribution and waste-water facilities. Algonquin Power
was established in 1997 to provide investors with sustainable,
highly stable cash flows through a diversified portfolio of renewable
energy assets. Algonquin Power's units and convertible debentures
are traded on the Toronto Stock Exchange under the symbols APF.UN,
APF.DB & APF.DB.A and units are included in the S&P/TSX
Composite Index.
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Algonquin Power Income Fund Declares Cash Distribution for January 2008
January 22, 2008
Oakville, Ontario – Algonquin Power
Income Fund (the “Fund”) (TSX:APF.UN) of Oakville, Ontario
announced today that its Trustees have declared a cash distribution
on its trust
units. The distribution is $0.0766 per trust unit payable on March
17, 2008 to the unitholders of record on January 31, 2008 for the
period from January 01, 2008 to January 31, 2008.
The Fund has 73,661,175 units issued and outstanding which together
with 2,456,037 units of Algonquin (AirSource) Power LP outstanding,
results in an aggregate of 76,070,056 equivalent trust units issued
and outstanding based on the exchange provisions applicable with respect
to units of Algonquin (AirSource) Power LP.
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and
has interests in a diverse portfolio of renewable power generation
and sustainable infrastructure assets across North America, including
42 renewable energy facilities, 12 thermal energy facilities, and
17 water distribution and waste-water facilities. Algonquin Power
was established in 1997 to provide investors with sustainable, highly
stable cash flows through a diversified portfolio of renewable energy
assets. Algonquin Power's units and convertible debentures are traded
on the Toronto Stock Exchange under the symbols APF.UN, APF.DB &
APF.DB.A and units are included in the S&P/TSX Composite Index.
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Algonquin
Power announces renewal of credit facilities for a three year term
January 16, 2008
Oakville, Ontario – Algonquin Power
Income Fund (the “Fund” or “Algonquin Power”)
today announced that it has renewed its combined $175 million senior
secured revolving operating and acquisition credit facilities (the
“Facilities”) with its Canadian bank syndicate for a
new three year term. Under terms of the renewal, the Facilities
are extended
for a three year term with a maturity date of January 14, 2011. The
renewed Facilities also contain an accordion feature allowing the
Facilities to increase to $225 million to accommodate future growth
and acquisitions.
As part of the renewal of the Facilities, Algonquin Power’s
bank syndicate has also expanded from three to four financial institutions.
The Facilities are being led by National Bank of Canada. The other
syndicate members are The Toronto-Dominion Bank, Bank of Montreal,
and the recently added Canadian Imperial Bank of Commerce.
“Algonquin Power’s expanded Facilities, on more favourable
terms with a three year term, lower our cost of financing and provide
us with a secure source of financing to achieve our renewable energy
and infrastructure growth targets both organically and through acquisition”,
stated David Bronicheski, Algonquin Power’s chief financial
officer. “We are pleased with the confidence our bank syndicate
has in our growth plans and the addition of another bank to our syndicate
further strengthens the financial position and liquidity of the Fund.”
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and has
interests in a diverse portfolio of renewable power generation and
sustainable infrastructure assets across North America, including
42 renewable energy facilities, 12 thermal energy facilities, and
17 water distribution and waste-water facilities. Algonquin Power
was established in 1997 to provide investors with sustainable, highly
stable cash flows through a diversified portfolio of renewable energy
assets. Algonquin Power's units and convertible debentures are traded
on the Toronto Stock Exchange under the symbols APF.UN, APF.DB &
APF.DB.A and units are included in the S&P/TSX Composite Index.
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© Copyright Algonquin Power & Utilities Corp. 2003 - 2009
Algonquin Power & Utilities Corp. 2845, Bristol Circle, Oakville, ON Canada,
L6H 7H7
Tel: 905.465.4500 Fax: 905. 465.4514
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