Sep 3, 2012 - Canadian Innergex Renewable Energy Inc (TSE:INE) unveiled Friday a dividend reinvestment plan that enables shareholders to reinvest part or all their cash dividends into company shares.
Under the terms of the plan, which took effect immediately, the purchased shares will be issued from treasury at a purchase price equal to the weighted-average trading price of Innergex’s common shares on the Toronto Stock Exchange during the five business days prior to the dividend payment date. Shareholders will also receive a discount of 2.5% on the share price.
The purchase of shares will be automatic until the shareholder terminates his or hers participation in the plan. Participating investors will also be able to withdraw or dispose of plan shares at any time.
Innergex develops, owns, and operates hydropower plants, wind farms, and solar photovoltaic farms in Canada and the US.
Last month, the company posted a net loss of CAD 11.9 million (USD 12.1m/EUR 9.6m) for the second quarter of 2012 compared with CAD 6.8 million a year earlier in spite of a 28% gain in operating revenues.