Benzinga | Nov 4, 2020 06:52AM EST

Brookfield Renewable Announces Three-For-Two Stock Split

Stock Split

Brookfield Renewable announced today that the Board of Directors of BEP has approved a three-for-two unit split of BEP's outstanding units. The split will be implemented by way of a subdivision whereby unitholders will receive an additional one-half of a unit for each unit held (i.e. one additional unit for every two units held).

In conjunction with BEP's unit split, the Board of Directors of Brookfield Renewable Corporation ("BEPC") has approved a concurrent three-for-two share split of BEPC's outstanding shares. The BEPC split will also be implemented by way of a subdivision whereby shareholders will receive an additional one-half of a share for each share held.

On December 11, 2020, the additional units/shares required to give effect to the unit/share splits will be issued to holders of record at the close of business on December 7, 2020. Any fractional units/shares to be issued to registered holders as a result of the unit/share splits will be rounded up to the nearest whole unit/share. Brookfield Renewable's preferred units will not be affected by the unit/share splits.

As a result of the three-for-two unit/share splits, BEP and BEPC will adjust their distribution/dividend following the effective date to reflect the additional number of units/shares that will be outstanding. The unit/share splits will not dilute holders' equity and will not be taxable in Canada or the United States.

BEP's units and BEPC's shares will begin trading with "due bills" on the Toronto Stock Exchange ("TSX") and New York Stock Exchange ("NYSE") at the opening of business on Friday, December 4, 2020 (one trading day before the record date) until Friday, December 11, 2020 (the payment date), inclusively. During such period, anyone who purchases units or shares on the TSX and/or NYSE will receive the entitlement to be issued additional units or shares pursuant to the stock splits. The units and shares will commence trading on an "ex-dividend" (post-split) basis on the TSX and NYSE at the opening of business on Monday, December 14, 2020, as of which date purchases of units and shares will no longer have an attaching entitlement to additional units and shares issued pursuant to the unit/share splits.