Share Buyback 08:19 AM EST, 12/14/2021 (MT Newswires) -- Brookfield Renewable Partners L.P. (BEP-UN.TO), which operates a pure-play renewable power platform, said Tuesday that the Toronto Stock Exchange has accepted the company's notices to renew its normal course issuer bid for its outstanding class A exchangeable subordinate voting shares.
The company's stock rose 1.5% in Canada yesterday.
The company has the approval to buy back nearly 13.8 million units and 8.6 million exchangeable shares, representing 5% of its issued and outstanding units and exchangeable shares, respectively.
At the close of business on Dec. 2, there were about 275 million units and 172.2 million exchangeable shares issued and outstanding. Under the normal course issuer bids, the comapny may repurchase up to 44,591 units and 54,448 exchangeable shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 178,365 units and 217,793 exchangeable shares, respectively, for the six months ended Nov. 30.
The share buybacks will begin Dec. 16, and each normal course issuer bid is expected to terminate on Dec. 15, 2022, or earlier.