Crius Receives FERC Approval for Vistra Transaction; Closing Expected on July 15, 2019
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES./
Crius Energy Trust (the "Trust" or "Crius Energy") (TSX:KWH-UN.TO) is pleased to announce that it has received approval from the Federal Energy Regulatory Commission ("FERC") to complete the transactions contemplated in the purchase agreement made as of February 7, 2019 (as amended on February 19, 2019, and as may be further amended in accordance with its terms) among the Trust, Crius Energy Commercial Trust, Vistra Energy Corp. ("Vistra") and Vienna Acquisition B.C. Ltd. a wholly-owned subsidiary of Vistra (such transactions, collectively, the "Vistra Transaction"). FERC approval was a condition precedent to completing the Vistra Transaction.
With the receipt of FERC approval, the parties have now received all regulatory and corporate approvals required to complete the Vistra Transaction, including overwhelming approval of the Vistra Transaction from the unitholders of the Trust at the special meeting of the unitholders of the Trust held on March 28, 2019.
The parties expect to close the Vistra Transaction on July 15, 2019, subject to the satisfaction or waiver of other customary closing conditions, and wish to make unitholders aware of the following key dates:
-- Declared Distribution Payment (C$0.209): Unitholders can expect to receive payment of the previously-declared distribution of C$0.209 per trust unit of the Trust for the first quarter of 2019 (with a distribution record date of March 26, 2019) on July 15, 2019. -- Cash Consideration Payment (C$8.80): Unitholders can expect to receive payment of the cash purchase price of C$8.80 per trust unit of the Trust on or about July 18, 2019 (following the redemption of the trust units of the Trust and winding-up of the Trust).
About Crius Energy Trust
With more than 1 million residential customer equivalents, Crius Energy provides competitive electricity and natural gas products to residential and commercial customers in 19 states and the District of Columbia in the United States. Crius Energy sells energy products through a family of brands strategy utilizing a multi-channel sales approach including exclusive partnerships, direct-to-consumer channels, and broker marketing channels. Crius Energy offers consumers a broad suite of energy products and services including fixed and variable contracts, renewable energy, and bundled products to support their energy needs beyond what is offered by their local utility.
Material information pertaining to Crius may be found on SEDAR (www.sedar.com) under Crius Energy's issuer profile or on Crius Energy's website at www.criusenergytrust.ca.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") including, without limitation: the satisfaction or waiver of the closing conditions in the purchase agreement; the timing and ability of the parties to close the Vistra Transaction; the timing and ability to redeem the trust units of the Trust and wind-up the Trust; and the expected payment date of the previously-declared distribution and cash consideration. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. All forward-looking statements reflect the Trust's beliefs and assumptions based on information available at the time such statements were made. Actual results or events may differ from those predicted, assumed or inferred in forward-looking statements. All of the Trust's forward-looking statements are qualified by: (i) the assumptions that are stated or inherent in such forward-looking statements; (ii) the risks described in the sections entitled "Risk Factors" and "Forward-Looking Statements" in the annual information form of the Trust for the fiscal year ended December 31, 2018, dated March 14, 2019, which is available on SEDAR (www.sedar.com) under the Trust's issuer profile and on the Trust's website (www.criusenergytrust.ca). Forward looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Although the Trust has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Trust disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.
SOURCE Crius Energy Trust
View original content: http://www.newswire.ca/en/releases/archive/July2019/09/c2904.html
SOURCE: Crius Energy Trust
Michael Fallquist, Chief Executive Officer, Crius Energy Trust, (203) 663-7545; Roop Bhullar, Chief Financial Officer, Crius Energy Trust, (203) 883-9900; Kelly Castledine, Investor Relations, Crius Energy Trust, (416) 644-1753