|Bid||2.1000 x 4000|
|Ask||2.1100 x 900|
|Day's Range||2.0950 - 2.1100|
|52 Week Range||1.7000 - 2.6500|
|Beta (5Y Monthly)||0.52|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Nov 25, 2015|
|1y Target Est||2.56|
In 2015, Jim Moore was appointed CEO of Atlantic Power Corporation (TSE:ATP). This analysis aims first to contrast CEO...
Atlantic Power (AT) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank 1 (Strong Buy).
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
All participants will be in listen-only mode.[Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Management's prepared remarks and the accompanying presentation for today's call and webcast can be found in the Conference Call section of our website. Please be advised that this conference call and presentation will contain forward-looking statements.
Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") announced today the final results of its substantial issuer bid to purchase from the holders of the common shares of the Company (together with the purchase rights associated with such common shares, the "Common Shares") up to US$25 million of the Common Shares (the "Offer"). The Offer expired at 5:00 p.m. (Toronto time) on April 30, 2020.
In accordance with the terms and conditions of the Offer and based on a preliminary count by Computershare Trust Company of Canada (the "Depositary"), the Company expects to take up and purchase for cancellation 12,500,000 Common Shares at a purchase price of US$2 .00 per Common Share (the "Purchase Price"), for aggregate consideration of US$25 million . The Common Shares expected to be purchased under the Offer represent approximately 12% of the Common Shares issued and outstanding at the time the Offer was announced.
The Offer is for up to 12,820,512 Common Shares, or approximately 12% of the Company's total issued and outstanding Common Shares, if the purchase price is determined to be US$1.95 (which is the minimum price per Common Share under the Offer). Since 2015, the Company has utilized a series of normal course issuer bids to repurchase its securities, when doing so has been accretive to management's estimates of intrinsic value per share.
The amendment provides for an extension of the Revolver maturity date to April 2025 , to coincide with the maturity date of the senior secured term loan ("Term Loan"). Both the Revolver and the Term Loan are at the Company's APLP Holdings Limited Partnership ("APLP Holdings") subsidiary.
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