Actually TOO BAD that JADE is Selling Out and Returning an Estimated $3.40 CASH
to shareholders.
NOT ONLY will I be facing a Rather LARGE Capital Gain__I would have liked to have kept
HOLDING this Green Energy Company.
Que Sera,,,,SERA eh !!!!!!!!
Jade Power Provides Update on Asset Sale Transaction
V.JPWR.UN
TORONTO, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Jade Power Trust (“Jade Power” or the “Trust”) (TSXV: JPWR.UN) is pleased to announce that the special meeting (the “Meeting”) of holders (“Unitholders”) of units (“Units”) in the capital of the Trust to approve, among other items, the previously announced proposed sale of all of the Trust’s renewable energy operating assets (the “Sale Transaction”) pursuant to the terms of a share sale purchase agreement (the “Purchase Agreement”) dated September 1, 2022 entered into among the Trust’s administrator, Jade Power Administrator Inc. (the “Administrator”), certain of the Trust’s subsidiaries and Enery Power Holding GmbH (“Enery”) will be held virtually on October 20, 2022. The record date for Unitholders entitled to vote at the Meeting is September 19, 2022. Please see the news release of the Trust dated September 1, 2022 for a comprehensive description of the Sale Transaction and Purchase Agreement.
Update on Initial Special Distribution Amount
As previously announced, it is the intention of the Trust to distribute all of the net proceeds received from the Sale Transaction, together with any existing working capital less certain necessary holdbacks for tax and operating and maintenance expenses of the Trust, to Unitholders in three or more special distributions (each, a “Special Distribution”). The Trust is pleased to announce that it now expects the initial Special Distribution amount to be approximately CDN$3.16 per Unit1, as compared to the CDN$3.03 per Unit previously announced on September 1, 2022. Notwithstanding the anticipated increase to the initial Special Distribution amount, the Trust does not expect the aggregate value of all Special Distributions payable to Unitholders in connection with the Sale Transaction to materially deviate from the previously announced CDN$3.40 per Unit, assuming the release to Jade Power of the entirety of the Euro 4.0 million indemnity escrow amount (the “Escrow Amount”) to be held in escrow at closing pursuant to the terms of the Purchase Agreement. The Trust will announce the exact value of the initial Special Distribution in a news release (the “Closing News Release”) upon closing of the Sale Transaction.
The Closing News Release will also confirm the record date to determine the Unitholders entitled to receive the Special Distributions, which shall be set by the board of directors of Administrator upon closing of the Sale Transaction and is currently anticipated to be set at such date that is five trading days following the closing of the Sale Transaction. As the expected value of the initial Special Distribution will be greater than 25% of the value of the Units on the date the initial Special Distribution is declared, the payment of the initial Special Distribution is expected to be subject to compliance with the “due bill” trading requirements of the TSX Venture Exchange (the “TSXV”) under TSXV Policy 3.2. Additional details relating to due bill trading will be included in the Closing News Release.
A copy of the Purchase Agreement is available at www.sedar.com and a copy of the management information circular (the “Circular”) relating to the Meeting is expected to be mailed to Unitholders and available at www.sedar.com on or about September 28, 2022. Unitholders are urged to read the Circular and the other relevant materials when they become available, as such materials will contain important information regarding the Sale Transaction.