Company: BEP
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001533232-25-000006
Chunk: 241

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-02-28
Form: 20-F
Item: Item 4
Chunk 241
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 one-for-one basis; (ii) Brookfield transferred their class A exchangeable subordinate voting shares of BRHC to BEPC in exchange for class A.2 exchangeable shares on a one-for-one basis; (iii) the class A exchangeable subordinate voting share of BRHC were delisted; and (iv) the exchangeable shares of BEPC were listed on the NYSE and the TSX. The purpose of the Arrangement was to allow Brookfield Renewable to maintain the benefits of its business structure, while addressing proposed amendments to the Income Tax Act (Canada) that were expected to result in additional costs to BEPC if no action was taken.

Each BEPC exchangeable share is structured with the intention of providing an economic return equivalent to one LP unit, including identical dividends on a per share basis to the distributions paid on each LP unit. Each BEPC exchangeable share is exchangeable at the option of the holder for one LP unit (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of BEPC). The partnership may elect to satisfy its exchange obligation by acquiring such tendered BEPC exchangeable shares for an equivalent number of LP units (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of the partnership). BEPC and the partnership currently intend to satisfy any exchange requests on the BEPC exchangeable shares through the delivery of LP units rather than cash. The share capital of BEPC is comprised of BEPC exchangeable shares and class B multiple voting shares (“ class B shares”).

The BEPC exchangeable shares and class B shares control 25% and 75%, respectively, of the aggregate voting rights of the shares of BEPC. As of the date of this Form 20-F, collectively, Brookfield Corporation, Brookfield Wealth Solutions and their respective subsidiaries own or exercise control or direction over 34,719,683 class A.2 exchangeable shares and 10,094,152 BEPC exchangeable shares that collectively represent approximately 24.9% of the BEPC exchangeable shares on an as exchanged basis (but subject, in the case of any BEPC exchangeable shares held by Brookfield Corporation and its subsidiaries, to a restriction that limits the exchange by Brookfield Corporation and its subsidiaries of class A.2 exchangeable shares such that exchanges by Brookfield Corporation and its subsidiaries may not result in Brookfield Corporation and its subsidiaries owning 9.5% or more