Westbridge Renewable Announces $0.10 per Share Return of Capital
Westbridge Renewable Energy Corp. has announced a cash distribution of C$0.10 per share, following the conclusion of the Georgetown Solar Project. The distribution is aimed at rewarding shareholders and will be payable on June 21, 2024, to shareholders of record as of June 7, 2024. This distribution is classified as a return of capital, and shareholders are advised to seek independent tax advice. Westbridge is a pure-play Canadian solar development company with a portfolio of utility-scale solar PV projects in Canada, the U.S., the UK, and Europe. The company aims to deliver long-term returns through the development of renewable assets and has a strong track record with over 40 projects developed worldwide.
- Announcement of C$0.10 per share cash distribution.
- Distribution rewards shareholders for their support.
- Classified as a return of capital, not income.
- Payable on June 21, 2024, to shareholders of record as of June 7, 2024.
- Strong portfolio in four key jurisdictions: Canada, U.S., UK, and Europe.
- Experienced management team with over 40 projects developed worldwide.
- Strategic focus on utility-scale solar PV projects.
- Requires shareholders to seek independent tax advice.
- No specific financial metrics or growth figures provided.
- Potential implications for shareholders depending on their tax situation.
- General distribution may not align with all investors' interests.
Stefano Romanin, CEO of Westbridge, noted: "We believe that this is an appropriate step for Westbridge to take given the conclusion of the disposition of the Georgetown Solar Project and is intended to reward shareholders for their unflagging support for the Company since its inception."
The distribution will be payable, in Canadian Dollars, to shareholders of record on Friday, June 7, 2024 and will be paid on or about Friday, June 21, 2024.
The distribution will be classified as a return of capital. The tax consequences to any particular shareholder of a return of capital are fact-specific and shareholders are urged to seek independent advice as to the implications of the distribution to their tax position.
Westbridge Renewable Energy Corp. originates, develops, and monetizes best-in-class, utility-scale solar PV projects. The Company has a portfolio of projects in four key jurisdictions,
On behalf of the Board of Directors
Scott Kelly
Director and Executive Chair
skelly@westbridge.energy
+1 416 998-4714
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about: the payment of a cash distribution to the Company's shareholders.
In connection with the forward-looking information contained in this news release, Westbridge Renewable and its subsidiaries have made numerous assumptions regarding, among other things: the Company is not insolvent and paying the cash distribution to the shareholders will not make the Company insolvent; and the timing and payment of the cash distribution, and the tax treatment of the cash distribution. While Westbridge Renewable considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Westbridge Renewable's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include among others: the cash distribution may not be made to the shareholders as currently contemplated, Canada Revenue Agency may challenge the tax treatment of the distribution, and the tax implications of the distribution may differ than those currently anticipated by Westbridge Renewable.
A more complete discussion of the risks and uncertainties facing Westbridge Renewable is disclosed in Westbridge Renewable's continuous disclosure filings with Canadian securities regulatory authorities at www.sedarplus.ca. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Westbridge Renewable disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
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SOURCE Westbridge Energy Corporation
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