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A proposed deal that would see three tobacco giants pay out billions to provinces and territories, as well as smokers across Canada, has been approved by the companies' creditors, a lawyer representing some of the creditors said Thursday, calling it an important milestone in a lengthy legal saga. The proposed $32.5-billion global settlement between the companies — JTI-Macdonald Corp., Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd. — and their creditors was announced in October after more than five years of negotiations. Representatives for the creditors, which include provincial governments seeking to recover smoking-related health-care costs as well as plaintiffs in two Quebec class-action lawsuits, voted on the plan in a virtual meeting Thursday afternoon. André Lespérance, who represents plaintiffs in one of the Quebec lawsuits, said creditors overwhelmingly supported the proposal. "We're not surprised, but we're glad the creditors are united right now to see this plan approved," he said in French. Before the plan can be implemented, it must obtain the approval of the court. A hearing has been scheduled for the end of January, and Lespérance said he's optimistic the proposed deal will clear that hurdle as well. "I think we're really close to the end," he said. Dominique Claveau, executive director of the Quebec Council on Tobacco and Health, which is part of the lawsuit, said they look forward to having the court "bring this long-fought battle for justice and truth to its conclusion." At least one of the companies has said it opposes the plan in its current form. The proposed deal includes $24 billion for provinces and territories, $4 billion for tens of thousands of Quebec smokers and their heirs, and more than $2.5 billion for smokers in other provinces and territories. It also includes more than $1 billion for a foundation to help those affected by tobacco-related diseases. The Canadian Cancer Society, which is a social stakeholder in the case, said Thursday it hopes the proposal will be amended before it's approved by the court. Rob Cunningham, the organization's lawyer, said the plan should include smoking-reduction measures and the release of confidential industry documents, similar to what was achieved in the United States decades ago. "There's a once-in-a-lifetime opportunity to better control the tobacco industry and to reduce tobacco use. We're never going to get this chance again," he said. The foundation funded through the proposed deal should also have its mandate expanded to include prevention of tobacco-related disease and public awareness efforts to help people quit smoking, said Manuel Arango, vice-president of policy and advocacy for Heart & Stroke. "We already have a lot of studies and a lot of knowledge about the treatment of tobacco-related disease," he said. "So it's really about looking forward and helping prevent tobacco-related disease in the future." The proposal is the culmination of a corporate restructuring process set off by a decades-long legal battle over the health effects of smoking. In 2015, a Quebec court ordered the three companies to pay about $15 billion in two class-action lawsuits involving smokers in the province who took up the habit between 1950 and 1998 and either fell ill or were addicted, or their heirs. Four years later, the landmark ruling was upheld by the province's Appeal Court. The companies then sought creditor protection in Ontario in order to negotiate a global settlement with their creditors. All of the legal proceedings against them were put on hold during the talks. That order has now been extended until Jan. 31, 2025. This report by The Canadian Press was first published Dec. 12, 2024. Paola Loriggio, The Canadian Press
BROOKFIELD, News, Dec. 13, 2024 (GLOBE NEWSWIRE) — Brookfield Renewable today announced that the Toronto Stock Exchange (the “ ”) has accepted notices filed by Brookfield Renewable believes that the renewed normal course issuer bid will provide the flexibility to use available funds to purchase LP Units, Preferred Units, Exchangeable Shares or Preferred Shares, as applicable, should they be trading in price ranges that do not fully reflect their value, representing an attractive use of available funds. There are currently three series of Preferred Units and five series of Preferred Shares outstanding and listed on the TSX. Under BEP’s normal course issuer bid for LP Units, BEP is authorized to repurchase up to 14,255,578 LP Units, representing 5% of its issued and outstanding LP Units. At the close of business on December 5, 2024, there were 285,111,569 LP Units issued and outstanding. Under BEP’s normal course issuer bid, it may repurchase up to 74,937 LP Units on the TSX during any trading day, which represents 25% of the average daily trading volume of 299,749 LP Units for the six months ended November 30, 2024. Under BEPC’s normal course issuer bid for Exchangeable Shares, BEPC is authorized to repurchase up to 8,982,042 Exchangeable Shares, representing 5% of its issued and outstanding Exchangeable Shares. At the close of business on December 5, 2024, there were 179,640,851 Exchangeable Shares issued and outstanding. Under BEPC’s normal course issuer bid, it may repurchase up to 70,747 Exchangeable Shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 282,988 Exchangeable Shares for the six months ended November 30, 2024. Under BEP’s normal course issuer bid for Preferred Units, BEP is authorized to repurchase a total of approximately 10% of the public float of each respective series of the Preferred Units as follows: Under BRP Equity’s normal course issuer bid for Preferred Shares, BRP Equity is authorized to repurchase a total of approximately 10% of the public float of each respective series of the Preferred Shares as follows: Repurchases under each normal course issuer bid are authorized to commence on December 18, 2024 and each normal course issuer bid will terminate on December 17, 2025, or earlier should Brookfield Renewable or BRP Equity, as applicable, complete repurchases under its respective normal course issuer bids prior to such date. Under BEP’s prior normal course issuer bid for LP Units that commenced on December 18, 2023 and expires on December 17, 2024, BEP previously sought and received approval from the TSX to repurchase up to 14,361,497 LP Units. As of December 5, 2024, BEP has repurchased 2,279,654 LP Units under its current normal course issuer bid through open market transactions on the TSX and alternative trading systems at a weighted average price per LP Unit of approximately CDN$30.86. Under BEPC’s prior normal course issuer bid that commenced on December 18, 2023 and expires on December 17, 2024, BEPC previously sought and received approval from the TSX to repurchase up to 8,982,586 Exchangeable Shares. BEPC has not repurchased any Exchangeable Shares under its existing normal course issuer bid in the past 12 months. Under BEP’s prior normal course issuer bid for Preferred Units that commenced on December 18, 2023 and expires on December 17, 2024, BEP previously sought and received approval from the TSX to repurchase up to 700,000 Series 7 Preferred Units, 1,000,000 Series 13 Preferred Units, 700,000 Series 15 Preferred Units and 600,000 Series 18 Preferred Units. BEP did not repurchase any Preferred Units under this normal course issuer bid. Under BRP Equity’s prior normal course issuer bid that commenced on December 18, 2023 and expires on December 17, 2023, BRP Equity previously sought and received approval from the TSX to repurchase up to 684,953 Series 1 Preferred Shares, 311,053 Series 2 Preferred Shares, 996,139 Series 3 Preferred Shares, 411,450 Series 5 Preferred Shares and 700,000 Series 6 Preferred Shares. BRP Equity did not repurchase any Preferred Shares under this normal course issuer bid. All purchases of the LP Units and Exchangeable Shares will be effected through the facilities of the TSX and/or the New York Stock Exchange and/or alternative trading systems in Canada and/or the United States. All purchases of Preferred Units and Preferred Shares will be effected through facilities of the TSX and/or alternative trading systems in Canada. All LP Units, Preferred Units, Exchangeable Shares and Preferred Shares acquired under the applicable normal course issuer bid will be cancelled. Repurchases will be subject to compliance with applicable Canadian securities laws. BEP and BEPC intend to enter into automatic share purchase plans, which have been pre-cleared by the TSX, on or about the week of December 23, 2024 in relation to their respective normal course issuer bids. The automatic share purchase plans will allow for the purchase of LP Units, Preferred Units and Exchangeable Shares, as applicable, subject to certain trading parameters, at times when BEP or BEPC, as applicable, ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside these periods, LP Units, Preferred Units or Exchangeable Shares, as applicable, will be repurchased in accordance with management’s discretion, in compliance with applicable law. Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed generation and storage facilities in North America, South America, Europe and Asia. Our operating capacity totals over 35,000 megawatts and our development pipeline stands at approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling. Investors can access the portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Brookfield Renewable is the flagship listed renewable power and transition company of Brookfield Asset Management, a leading global alternative asset manager with over $1 trillion of assets under management. Please note that Brookfield Renewable’s previous audited annual and unaudited quarterly reports filed with the U.S. Securities and Exchange Commission (“ ”) and securities regulators in Canada, are available on our website at , on SEC’s website at and on SEDAR+’s website at . Hard copies of the annual and quarterly reports can be obtained free of charge upon request.The Sun Devils are the new No. 2 (behind Oregon) after beating BYU to move closer to the Big 12 championship game.Electric air taxis are taking flight. Can they succeed as a business?