TORONTO, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Jade Power Trust (“Jade Power” or the “Trust”) (TSXV: JPWR.H) is pleased to announce that it has completed its previously announced special distribution (the “Special Distribution”) to holders (“Unitholders”) of trust units (each, a “Unit”) in the capital of the Trust comprised of the following consideration per Unit: (i) $3.24 in cash; and (ii) one contingent value right (each, a “CVR”). As of the date of this press release, there are 22,252,912 Units issued and outstanding. The terms of the CVRs are set out in the indenture (the “CVR Indenture”) entered into between the Trust and TSX Trust Company, transfer agent to the Trust, dated December 12, 2022, which is available on Jade Power’s SEDAR profile at www.sedar.com.
As previously announced, the payment of the Special Distribution was made in connection with the closing of the Trust’s previously announced sale transaction of all of its renewable energy operating assets (the “Sale Transaction”) to Enery Power Holding GmbH (“Enery”) and an affiliate thereof (the “Purchaser”), pursuant to the terms and conditions set out in the share sale agreement dated September 1, 2022 entered into among the Trust, Enery, the Purchaser and certain subsidiaries of the Trust, which Sale Transaction closed on November 22, 2022.
For further information, please contact:
| David Barclay Chief Executive Officer +1 954-895-7217 david.barclay@bellsouth.net | Betty Soares Chief Financial Officer +1 416-803-6760 bsoares@jadepower.com |
About Jade Power
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, was formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under Jade Power's issuer profile at www.sedar.com.
Forward-Looking Statements
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the Trust’s control. Such risks and uncertainties include but are not limited to: risks that the Sale Transaction and transfer of the Units to NEX Board of the TSX Venture Exchange may have negative impacts on the market price and liquidity of the Units; risks related to the diversion of management’s attention from the Trust’s ongoing business operations; risks related to the Trust’s strategy going forward; risks related to the COVID-19 pandemic and ongoing Russia-Ukraine conflict; foreign exchange risk; and risks related to the potential loss of the Trust’s status as a “mutual fund trust” following the payment of the Special Distribution and any future cash payments under the CVRs. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Readers are cautioned that the foregoing list of factors is not exhaustive.
Details of additional risk factors relating to the Trust and its business, generally, are discussed under the heading “Business Risks and Uncertainties” in the Trust's annual Management's Discussion & Analysis for the year ended December 31, 2021, a copy of which is available on Jade Power's SEDAR profile at www.sedar.com. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
