Boralex Proceeds With Boralex Power Income Fund Acquisition

Boralex Inc. – through its indirect, wholly owned subsidiary, 7596740 Canada Inc. – and Boralex Power Income Fund have executed a combination agreement, which had been approved at the special meeting of fund unit-holders held on Oct. 21. Boralex has proceeded with the payment for all units of the fund, which remained outstanding at the effective time of the combination.

Following the decision rendered by the Superior Court, which rejected the motion for the issue of a safeguard order initiated by O'Leary Funds Management LP to block any action affecting its units of the fund, Boralex has proceeded with the acquisition of the remaining units of the fund.

Boralex intends to complete the privatization of the fund by applying to have the fund's status as a reporting issuer revoked and to have the units de-listed from the Toronto Stock Exchange.

SOURCE: Boralex Inc.

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