MONTREAL, April 27, 2017 /PRNewswire/ - Boralex Inc.
("Boralex" or the "Company") announces that the
Company has approved minor amendments to its Long-Term Incentive
Plan (the "Plan"). The amendments have been proposed
to address issues raised by Institutional Shareholder Services
("ISS") in the course of its review of the matters to be
voted on at the upcoming annual and special meeting of the
shareholders of Boralex to be held on May 4, 2017 (the
"AGM"). The changes to the Plan, which already
complies with the rules and policies of the Toronto Stock Exchange,
aim at addressing what the Company understands were the factors
that resulted in ISS issuing a negative recommendation on approval
to modifications of the Plan described in the management proxy
circular dated March 13, 2017.
The amendments to the Plan to address the ISS recommendations
will confirm that non-employee directors are not eligible to
participate in the Plan, and will confirm the requirement of
shareholder approval for any changes to the Plan that would:
- result in any reduction in the exercise price of an option,
cancellation and reissue of options, or a substitution of options
with cash or other awards on terms that are more favourable to any
optionee under the Plan;
- any amendment that would permit transfers or assignments of
options by an optionee, or exercises of options by persons other
than an optionee, beyond the permitted transfers, assignments and
exercises currently contemplated under the Plan for limited estate
and estate planning purposes;
- permit non-employee directors to be eligible to receive options
under the Plan; or
- modify the provisions of the Plan pertaining to the ability of
the Company to make amendments to the Plan.
The amendments to the Plan will be put forward to shareholders
for their approval at the AGM. Shareholders may view a copy of the
proposed updated Plan at the Company's website at "www.boralex.com"
on the "Investors" page under "Investor's Kit" or at
www.sedar.com.
About Boralex
Boralex develops, builds and operates renewable energy power
facilities in Canada, France and the
United States. A leader in the Canadian market and
France's largest independent
producer of onshore wind power, the Corporation is recognized for
its solid experience in optimizing its asset base in four power
generation types — wind, hydroelectric, thermal and solar. Boralex
ensures sustained growth by leveraging the expertise and
diversification developed over the past 25 years. Boralex's shares
and convertible debentures are listed on the Toronto Stock Exchange
under the ticker symbols BLX and BLX.DB.A, respectively. More
information is available at www.boralex.com or
www.sedar.com.
SOURCE Boralex Inc.