Capstone Infrastructure Corporation and Renewable Energy Developers Inc. Set Closing Date and Announce Third Quarter Dividend for ReD Shareholders TORONTO, Ontario--(BUSINESS WIRE)--Sep. 20, 2013-- Capstone Infrastructure Corporation ("Capstone") (TSX: CSE; CSE.PR.A; CSE.DB.A) and Renewable Energy Developers Inc. ("ReD") (TSX: RDZ) are pleased to advise that the previously announced plan of arrangement pursuant to which, among other things, Capstone will acquire all of the issued and outstanding common shares of ReD (the "Arrangement") is expected to close on October 1, 2013.
In light of such expectation, ReD will increase its regular quarterly dividend for the third quarter of 2013 to $0.0195 per common share to correspond to what ReD shareholders would have received from the merged company if the Arrangement closed on September 30, 2013. The dividend will be paid on October 31, 2013 to ReD’s shareholders of record at the close of trading on September 30, 2013. The dividends paid by ReD on its common shares are designated "eligible" dividends for purposes of the Income Tax Act (Canada). An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.
A consent agreement giving effect to the foregoing has been entered into by Capstone and ReD and will be filed under each of Capstone’s and ReD’s profiles at www.SEDAR.com.