TORONTO, April 9, 2014 /CNW/ - Crius Energy Trust ("Crius Energy" or the
"Trust") (TSX: KWH.UN) announced today that it has received the
approval of the Toronto Stock Exchange (the "TSX") to make a normal
course issuer bid (the "Bid") for up to 500,746 of its issued and
outstanding trust units (the "Units") on the TSX.
Purchases under the Bid may commence on April 11, 2014 and will
terminate on April 10, 2015, or on such earlier date as the Bid is
complete. Purchases of Units will be made through the facilities of the
TSX in accordance with its rules or alternative Canadian trading
platforms. Daily purchases will be limited to 12,531 Units, other than
block purchase exceptions. The price that the Trust will pay for any
Units purchased under the Bid will be the prevailing market price at
the time of purchase and any Units purchased by the Corporation will be
cancelled.
As of April 7, 2014, there were 10,014,924 Units issued and outstanding.
The 500,746 Units that may be repurchased under the Bid represent
approximately 5% of the issued and outstanding Units on April 7, 2014.
The Board of Directors of the Corporation has authorized the Bid because
it believes that the purchase by it of its own Units may, in
appropriate circumstances, be a responsible investment of funds
available.
About Crius Energy
Crius Energy Trust has been established to provide investors with a
distribution-producing investment through the acquisition of a 26.8%
ownership interest in Crius Energy. With over 610,000 residential
customer equivalents, Crius Energy is a comprehensive energy solutions
partner that provides electricity, natural gas and solar products to
residential and commercial customers. Crius Energy connects with energy
customers through an innovative family-of-brands strategy and
multi-channel marketing approach. This unique combination creates
multiple access points to a broad suite of energy products and services
that make it easier for consumers to make informed decisions about
their energy needs. With headquarters in Stamford, Connecticut, Crius
Energy currently sells electricity, natural gas and/or solar power in
19 states and the District of Columbia. More information is available
at www.criusenergytrust.ca.
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).
Material information pertaining to the Trust may be found on www.sedar.com or www.criusenergytrust.ca.
Caution Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of applicable Canadian securities laws, including (but not
limited to) statements about the Board's belief that the Bid may
represent a responsible investment of funds on hand. A statement is
forward-looking when it uses what Crius knows and expects today to make
a statement about the future. Forward-looking statements may include
words such as anticipate, assumption, believe, could, expect, goal,
guidance, intend, may, objective, outlook, plan, seek, should, strive,
target and will. These statements relate to future events or future
performance and reflect current assumptions, expectations and estimates
of management regarding growth, results of operations, performance,
business prospects and opportunities, Canadian economic environment and
liability to attract and retain customers. Such forward-looking
statements reflect current assumptions, expectations and estimates of
management and are based on information currently available to Crius as
at the date of this press release.
Forward-looking statements are subject to certain risks and
uncertainties, and should not be read as guarantees of future
performance or results and actual results may differ materially from
the conclusion, forecast or projection stated in such forward-looking
statements. These risks, uncertainties and other factors include but
are not limited to, Crius Energy's objectives and status as a mutual
fund trust and not a SIFT trust, results of operations, financial
position or cash flows, customer revenues and margins, customer
additions and renewals, customer attrition, customer consumption
levels, general and administrative expenses, treatment under
governmental regulatory regimes, distributable cash and Crius Energy's
expectations and estimates regarding the payment of distributions to
unitholders. Such assumptions, expectations, estimates, risks and
uncertainties are discussed under "Risk Factors" and "Forward-Looking
Statements" in Crius Energy's Annual Information Form dated March 28,
2013. Consequently, we cannot guarantee that any forward-looking
statements will materialize. Readers should not place any undue
reliance on such forward-looking statements.
The Annual Information Form can be found on www.sedar.com and on Crius' website www.criusenergytrust.ca.
SOURCE Crius Energy Trust
