Innergex Renewable Energy Inc. has announced:
the completion of its previously announced acquisition by La Caisse by way of a plan of arrangement under the provisions of the Canada Business Corporations Act (the “Arrangement”).
Pursuant to the terms of the Arrangement, La Caisse has acquired all of the issued and outstanding common shares of Innergex (other than those held by La Caisse and certain members of senior management rolling over (the “Rollover Shareholders”)) for a price of $13.75 per common share in cash. All of the issued and outstanding preferred shares Series A and Series C of Innergex were also acquired by La Caisse for $25.00 per preferred share in cash (plus all accrued and unpaid dividends and, in the case of the Series A preferred shares, an amount in cash per Series A preferred share equal to the dividends that would have been payable in respect of such share until January 15, 2026, which is the next available redemption date). All of the outstanding 4.65% subordinated unsecured convertible debentures of Innergex have been repaid in full upon completion of the Arrangement, including as to principal and accrued and unpaid interest thereon.
As previously announced, La Caisse has syndicated approximately 20% of its invested capital to bring in like-minded investors who share its vision for the next chapter of Innergex’s growth.
As part of the Arrangement, certain members of senior management of Innergex, including Mr. Michel Letellier, Innergex’s President and Chief Executive Officer, and Mr. Jean Trudel, Innergex’s Chief Financial Officer, have rolled over a portion of their common shares and reinvested in the privatized Innergex.
La Caisse has caused to be delivered to Computershare Investor Services Inc. (“Computershare”), the depositary for the Arrangement, sufficient funds to enable it to make payments to Innergex shareholders (other than the Rollover Shareholders) pursuant to the terms of the Arrangement. In accordance with the Arrangement, payment will be made by Computershare to Innergex shareholders (other than the Rollover Shareholders) as soon as practicable following the date hereof.
Letters of transmittal have been mailed to registered shareholders and are also available under the profile of Innergex at www.sedarplus.ca. The letters of transmittal explain how registered shareholders can deposit and obtain payment for their shares. Registered shareholders must return their duly completed letters of transmittal to Computershare in order to receive the consideration to which they are entitled for their shares.
As a result of the completion of the Arrangement, it is expected that the common shares, preferred shares Series A and Series C and the 4.65% subordinated unsecured convertible debentures of Innergex will be delisted from the Toronto Stock Exchange on or about July 22, 2025. Innergex has applied to cease to be a reporting issuer under the securities legislation of each province of Canada where Innergex is currently a reporting issuer.
La Caisse is a trademark owned by Caisse de dépôt et placement du Québec.
INE was issued as a FixedReset 5.00%+279 that commenced trading 2010-9-14 after being announced 2010-8-23. Notice of exension was provided in December, 2015 and the issue reset to 3.608%. I recommended against conversion and none occurred. The issue reset to 3.244% in early 2021.
INE.PR.C is a Straight Perpetual, 5.75%, that commenced trading 2012-12-11 after being announced 2012-11-21.