BRF NCIB Was Real!

Brookfield Renewable Energy Partners L.P. has published its 15Q2 Quarterly Report:

Brookfield Renewable entered into an automatic purchase plan to allow for purchases of its Series 1, Series 2, and Series 3 Class A Preference Shares. The automatic purchase plan commenced on July 1, 2015 and will terminate on August 6, 2015. Subsequent to June 30, 2015, 75,537 Class A Preference Shares and 22,900 LP Units were repurchased and cancelled.

News of their Normal Course Issuer Bid was reported on PrefBlog on June 23 and the automatic purchase plan reported June 29; neither announcement was given its own post because these things are usually just window dressing.

In this case however, things actually got done. Poking around on the System for Electronic Disclosure by Insiders website enabled me to prepare a summary of their actions, which may be condensed into the following table:

Ticker Date Price
BRF.PR.A 2015-7-15 17.41-18.61 11,300
BRF.PR.A 2015-7-31 17.37-17.95 13,700
BRF.PR.B 2015-7-15 16.06-16.85 2,800
BRF.PR.B 2015-7-31 15.57-16.35 3,100
BRF.PR.C 2015-7-15 20.80-21.35 9,767
BRF.PR.C 2015-7-31 19.80-20.80 21,534
Total 62,201

The total is less than the seventy-five thousand odd disclosed in their quarterly report; I assume that this is a result of cancellations of shares purchased subsequent to July 31.

Remaining Holdings as of 2015-7-31 are:

Ticker Holdings
BRF.PR.A 3,618
BRF.PR.B 600
BRF.PR.C 3,900

So … seventy-five thousand shares at $20 comes to about $1.5-million. This is not the most earthshaking corporate action ever announced, but NCIBs that are actually executed by operating companies are very rare!

Leave a Reply

You must be logged in to post a comment.