Press release from CNW Group
Crius announces approval of normal course issuer bid
Wednesday, April 09, 2014
Crius announces approval of normal course issuer bid07:00 EDT Wednesday, April 09, 2014
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
For further information:
Chief Executive Officer
Chief Financial Officer
(416) 815-0700 ext. 290