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Press Releases
Algonquin Power Venture
Fund Board of Directors Loses Member Following Brief Illness
Oakville, Ontario, April 10th, 2007 /CNW/ - The Board of Directors
of the Algonquin Power Venture Fund Inc. (“the Fund”) are saddened
to announce the loss of one of their members. Mr. Ralph Ortlieb,
President of International Union of Allied, Novelty & Production
Workers, Local 905 passed away on March 21, 2007 after a brief
illness. Mr. Ortlieb served as an independent member of the
board of directors of the Fund since its inception. His presence
will be sorely missed by his fellow board members and the Fund’s
management team.
“On behalf of everyone at Algonquin Power, we wish to express
our deepest sympathies to Mr. Ortlieb’s family, friends and
colleagues. Ralph will be well remembered for his pragmatic
manner and contributions to the success of the Fund” said Fund
Director Chris Jarratt. The board of directors is expected
to conduct a search in the near term in order to fill the board
vacancy.
The Algonquin Power Venture Fund invests in small and mid
sized Canadian businesses engaged in electrical power generation,
distribution and infrastructure sectors providing individual
investors in Ontario a unique opportunity to participate in
the growth of independent electrical power generation.
For more information, contact:
Jeff Norman or Greg Owttrim
Algonquin Power Venture Management Inc.
2845 Bristol Circle
Oakville, Ontario
L6H 7H7
905-465-4500
www.AlgonquinPowerVentureFund.com
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Algonquin Power Venture Fund Conversion
Plan Update
Oakville, Ontario, April 12th, 2007 /CNW/ - On January 31st,
2007 the Board of Directors of the Algonquin Power Venture
Fund Inc. (“the Fund”) announced that it had unanimously approved
a plan, subject to regulatory and shareholder approval, to
restructure the Fund from its current status as a Labour Sponsored
Venture Capital Corporation (“LSVCC”) to that of an exchange
listed public corporation. The key motivation behind the proposed
restructuring, was the opportunity to surrender the Fund’s
LSVCC status without subjecting unitholders to any clawback
of the provincial and federal tax credits.
In accordance with the decision by the Board of Directors,
Algonquin Power Venture Management Inc. (the “Manager”) provided
the Ontario Ministry of Finance (the “Ministry”) with a notice
of its intention pursuant to section 27(2.2)(b) of the Community
Small Business Investment Funds Act (Ontario) (the "Act")
that it intends to dissolve or wind up subject to regulatory
and shareholder approval. In addition to the aforementioned
notice, the Manager has sought an advance tax ruling from the
Ministry seeking confirmation that the proposed restructuring
will not result in any clawback of issued provincial and federal
tax credits.
In accordance with section 27.2(4) of the Act, the Manager
has voluntarily suspended all purchases of the Fund and wishes
to advise shareholders that redemptions from the Fund remain
subject to the full provincial and federal tax credit clawback
until such time as the Fund receives approval of the proposed
form of restructuring by the Ministry and the outcome of the
special meeting of the shareholders of the Fund described below.
The Manager is presently preparing an information circular
for distribution to all shareholders disclosing details of
the restructuring for their consideration in connection with
a special meeting of shareholders. Due to the ongoing dialogue
between the Fund and relevant regulatory authorities, the date
of the special meeting is as yet undetermined.
The Algonquin Power Venture Fund invests in small and mid
sized Canadian businesses engaged in electrical power generation,
distribution and infrastructure sectors providing individual
investors in Ontario a unique opportunity to participate in
the growth of independent electrical power generation.
For more information, contact:
Jeff Norman or Greg Owttrim
Algonquin Power Venture Management Inc.
2845 Bristol Circle
Oakville, Ontario
L6H 7H7
905-465-4500
www.AlgonquinPowerVentureFund.com
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Algonquin Power Venture Fund Board
of Directors Approves Proposed Conversion Plan
Oakville, Ontario, January 31st, 2007 - The Board of Directors
of the Algonquin Power Venture Fund Inc. (“the Fund”) is pleased
to announce that it has unanimously approved a plan, subject to
regulatory and shareholder approval, to restructure the Fund from
its current status as a Labour Sponsored Venture Capital Corporation
(“LSVCC”) to that of an exchange listed public corporation. As
a result of this decision by the Board of Directors, Algonquin
Power Venture Management Inc. (the “Manager”) has provided the
Ontario Ministry of Finance with a notice of its intention pursuant
to section 27(2.2)(b) of the Community Small Business Investment
Funds Act (Ontario) (the "Act") that it intends to dissolve
or wind up subject to regulatory and shareholder approval.
In accordance with section 27.2(4) of the Act, the Manager has
voluntarily suspended all purchases of the Fund and wishes to
advise shareholders that redemptions from the Fund remain subject
to the full provincial and federal tax credit clawback until such
time as the Fund receives approval of the proposed form of restructuring
by the Ontario Ministry of Finance and the outcome of the special
meeting of the shareholders of the Fund described below.
Shareholders will receive an information circular disclosing
details of the restructuring for their consideration in connection
with a special meeting of shareholders of the Fund which the Fund
anticipates will take place on or about May 8th, 2007. In the
event that the Fund does not receive the required regulatory and
shareholder approvals for the proposed restructuring the Fund
will continue operations as a Labour Sponsored Venture Capital
Corporation.
“Algonquin Power Venture Management Inc. is extremely pleased
by the Board’s decision as it fulfills the dual purpose of serving
the best interests of the Fund’s shareholders while broadening
the mandate of our business model” commented Jeff Norman, President
of Algonquin Power Venture Fund.
The Algonquin Power Venture Fund invests in small and mid sized
Canadian businesses engaged in electrical power generation, distribution
and infrastructure sectors providing individual investors in Ontario
a unique opportunity to participate in the growth of independent
electrical power generation.
For further information: please contact:
Jeff Norman, President, (905) 465-4547 or Greg Owttrim, Executive
Vice President, (905)465-4535
For more information, contact:
Jeff Norman or Greg Owttrim
Algonquin Power Venture Management Inc.
2845 Bristol Circle
Oakville, Ontario
L6H 7H7
905-465-4500
www.AlgonquinPowerVentureFund.com
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Algonquin Power Venture Management
Inc. Responds to the Ontario Government's Announcement on Labour
Sponsored Investment Funds
Oakville (October 5, 2005) – Algonquin Power Venture Management
Inc., the manager of the Algonquin Power Venture Fund Inc. labour
sponsored investment fund today responded to the Ontario government's
September 30, 2005 announcement regarding the proposed phasing
out of tax credits for investors in labour sponsored investment
funds. In its announcement the government indicated that it plans
to phase out the tax credits by the end of the 2011 tax year.
The province proposes to phase out the tax credit as follows:
| Taxation Year |
RSP Sales Season |
Ontario LSIF Tax Credit |
| 2005 |
2006 |
15% |
| 2006 |
2007 |
15% |
| 2007 |
2008 |
15% |
| 2008 |
2009 |
15% |
| 2009 |
2010 |
10% |
| 2110 |
2011 |
5% |
"Although we are disappointed with the Ontario government's
decision to eliminate the tax credits we are pleased with the
fact that the government has proposed a gradual and orderly termination
schedule" said Jeff Norman, the President of Algonquin Power
Venture Management Inc. Mr. Norman added that, "Algonquin
will continue to monitor the developments with respect to this
matter and work with the government as it finalizes the details
regarding the transition process."
The provincial announcement does not affect the federal government
tax credit that is available to Ontario investors in labour-sponsored
funds.
For more information, contact:
Jeff Norman
President
Algonquin Power Venture Management Inc.
2845 Bristol Circle
Oakville, Ontario
L6H 7H7
905-465-4500
Administration.VentureFund@AlgonquinPower.com
www.AlgonquinPowerVentureFund.com
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THE ALGONQUIN POWER VENTURE FUND
INVESTS $3.2 MILLION
TORONTO, October 22, 2004 – Algonquin Power Venture Management
Inc. is pleased to announce two venture capital investments by
the Algonquin Power Venture Fund.
The Algonquin Power Venture Fund ("APVF") has invested
$1.6 million in Biofuel Energy Solutions Inc. ("BESI")
and committed $1.6 million to St. Leon Development Inc. ("St.
Leon").
BESI is a majority controlled subsidiary of CEM Engineering
("CEM"); a St. Catherines, Ontario based consulting
firm committed to helping customers manage energy use and reduce
costs through proper application of high efficiency, energy conversion
technology. BESI's focus is to serve energy intensive customers
who want to manage their energy cost by reducing their use of
fossil fuels through the on-site generation and efficient use
of biofuel. In a separate and unrelated venture capital placement,
the Algonquin Power Venture Fund has committed $1.6 million by
way of subordinated debt to St. Leon, a wholly owned subsidiary
of Airsource Power Fund I LP. The proceeds of this investment
are to be used in connection with the development of a 99 Megawatt
("MW") wind energy facility.
"We are pleased to have completed these investments, as
they demonstrate the depth of investment potential in the independent
electrical power generation sector", says APVF President,
Jeff Norman. In order to meet Ontario's growing demand for electricity
the provincial government has recently forecasted that $25 to
$40 billion will be spent by 2020 to refurbish, rebuild, replace
or conserve 25,000 MW of generating capacity. (Ontario Energy
Minister, Dwight Duncan)
The Algonquin Power Venture Fund offers individual investors
in Ontario a unique opportunity to participate in the growth of
Ontario's independent electrical power generation sector accompanied
by tax credits of 30% per investor per taxation year. In its first
capital-raising season, the Algonquin Power Venture Fund successfully
raised over $16 million in new capital.
For more information, contact:
Jeff Norman
President
Algonquin Power Venture Management Inc.
2845 Bristol Circle
Oakville, Ontario
L6H 7H7
905-465-4500
Administration.VentureFund@AlgonquinPower.com
www.AlgonquinPowerVentureFund.com
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ALGONQUIN POWER VENTURE FUND RAISES
$16 MILLION IN CAPITAL
TORONTO, January 24, 2004 – The Algonquin Power Group is pleased
to announce the successful conclusion of the first capital-raising
season for the Algonquin Power Venture Fund. Over $16 million
in new capital was raised by the Algonquin Power Venture Fund
in its first RRSP season.
"We are extremely pleased with this vote of confidence
from Ontario investors and financial advisors in our inaugural
year," says Jeff Norman, President of Algonquin Power Venture
Management Inc. "The results are an indication that investors
are attracted to the predictable cash flows of independent electrical
power projects, which are expected to provide yield and capital
preservation for the Fund."
The Algonquin Power Venture Fund offers individual investors
in Ontario a unique opportunity to participate in the growth of
Ontario's independent electrical power generation sector accompanied
by tax credits of 30% per
investor per taxation year.
For more information, contact:
Jeff Norman
President
Algonquin Power Venture Management Inc.
2845 Bristol Circle
Oakville, Ontario
L6H 7H7
905-465-4500
Administration.VentureFund@AlgonquinPower.com
www.AlgonquinPowerVentureFund.com
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THE ALGONQUIN POWER VENTURE FUND
LAUNCHES AS THE FIRST OF ITS KIND
TORONTO, January 6, 2004 – The Algonquin Power Group today announced
the launch of the Algonquin Power Venture Fund, an investment
fund offering participation in the growing Ontario electricity
marketplace and structured to provide investors in the province
with a 30% tax credit.
“The Algonquin Power Venture Fund represents the ideal marriage
of the low risk and stable cash flows from independent power projects
with the highly attractive tax advantages provided through the
labour sponsored investment fund structure (LSIF).” says Jeff
Norman, a senior manager of APVF. “The blackouts in August left
more than 50 million people in the dark but clearly illuminated
the message that Ontario’s power generating capacity is in need
of expansion; the Algonquin Power Venture Fund intends to benefit
from this investment requirement as well as providing a substantial
tax benefit to its investors.”
The Algonquin Power Venture Fund offers the following benefits
to investors:
- Emphasis on debt investments which provide a steady source
of immediate cash flows through the sale of electricity
- Common management with the Algonquin Power Income Fund, one
of the most successful independent power focused income trusts
in Canada since 1997, providing proven industry experience and
access to a high volume of attractive investment opportunities
- Predictable cash flows of independent power project investments
are expected to provide yield and capital preservation for APVF
in addition to favourable exit opportunities at the end of the
LSIF investment cycle
APVF has been structured to provide Ontario investors with a
tax credit equal to 30% of their investment to a maximum of $1,500;
a $5,000 RRSP investment in the Algonquin Power Venture Fund would
cost an investor in the highest marginal tax bracket only $1,180,
after factoring in the LSIF tax credits and the RRSP tax deduction.
APVF shares are listed for trading on the FundServ investment
fund network under the fund code APV 100.
For more information, contact:
Jeff Norman
President
Algonquin Power Venture Management Inc.
2845 Bristol Circle
Oakville, Ontario
L6H 7H7
905-465-4500
Administration.VentureFund@AlgonquinPower.com
www.AlgonquinPowerVentureFund.com
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THE ALGONQUIN POWER GROUP ANNOUNCES
THE LAUNCH OF THE ALGONQUIN POWER VENTURE FUND
TORONTO, November 18, 2003 – Algonquin Power Management Inc.
("APMI") announced today that a preliminary prospectus
has been filed with the Ontario Securities Commission in connection
with the initial public offering for the newly created Algonquin
Power Venture Fund Inc. (“APVF”).
Based on its long history of involvement with the independent
power production industry, APMI has launched APVF with the objective
of providing investors with predictable yield and long term
capital appreciation through investment in the independent electric
generation, distribution and infrastructure sector. APVF will
satisfy its mission by investing in a diverse group of small
and medium sized eligible Canadian businesses with an emphasis
on debt investments in independent power projects demonstrating
a predictable risk profile and the clear ability to provide
steady near-term cash flow.
An application has been filed to register APVF as a labour
sponsored investment fund corporation under Part III of the
Community Small Business Investment Funds Act (Ontario). In
addition to RRSP eligibility, such registration is expected
to provide APVF investors with a tax credit equal to 30% of
their investment to a maximum of $1,500 ($5,000 investment).
In addition to the newly launched APVF, APMI provides management
services for the Algonquin Power Income Fund (“APIF”), an open-ended
investment trust established in 1997 which owns a diversified
portfolio of hydroelectric, co-generating, alternative fuels
and infrastructure assets representing approximately $700MM
in investment (APIF trust units are traded on the Toronto Stock
Exchange under the symbol APF.UN).
“In contrast to APIF which generally invests only in completed
power projects, APVF will be focused on earlier stage power
development investment opportunities” commented Jeff Norman
of APVF. “APVF’s power project interests would likely be attractive
acquisition candidates for APIF following their successful commissioning,
providing a possible exit strategy for APVF” he continued.
For more information, contact:
Jeff Norman
President
Algonquin Power Venture Management Inc.
2845 Bristol Circle
Oakville, Ontario
L6H 7H7
905-465-4500
Administration.VentureFund@AlgonquinPower.com |
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