Jade Power Announces Effective Date of Consolidation
February 14 2024 - 7:00AM
Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.H) is
pleased to announce that the NEX board of the TSX Venture Exchange
(the “TSXV”) has accepted the Trust’s application to consolidate
the Trust’s outstanding trust units on the basis of one new trust
unit for every 10 existing trust units (the “Consolidation”). The
Consolidation will be effective and the trading of the trust units
reflecting the Consolidation will commence at the opening of
markets on February 20, 2024.
As a result of the Consolidation, the 22,252,912
trust units issued and outstanding prior to the Consolidation will
be reduced to approximately 2,225,291 trust units. Each
unitholder’s percentage ownership in the Trust and proportional
voting power remains unchanged after the Consolidation, except for
minor changes and adjustments resulting from the treatment of any
fractional trust units.
The Trust will not be issuing fractional
post-Consolidation trust units. Where the Consolidation would
otherwise result in a unitholder being entitled to a fractional
trust unit, the number of post-Consolidation trust units issued to
such unitholder shall be rounded down to the nearest whole number
of post-Consolidation trust units.
The board of directors of Jade Power
Administrator Inc., the administrator of the Trust, approved the
Consolidation on January 26, 2024. In connection with the
Consolidation, the Trust expects to send letters of transmittal to
registered holders of its trust units for use in transmitting their
existing unit certificates (the “Existing Certificates”) to the
Trust’s register and transfer agent, TSX Trust Company, in exchange
for new certificates (the “New Certificates”) representing the
post-Consolidation trust units to which such unitholder is entitled
as a result of the Consolidation. No delivery of a New Certificate
to a unitholder will be made until the unitholder has surrendered
its Existing Certificates. Until surrendered, each Existing
Certificate shall be deemed for all purposes to represent the
number of post-Consolidation trust units to which the holder is
entitled as a result of the Consolidation.
For further information please
contact:
David BarclayChief Executive
Officer+1 954-895-7217david.barclay@bellsouth.net |
About Jade Power
The Trust, through its direct and indirect
subsidiaries in Canada, the Netherlands and Romania, was formed to
acquire interests in renewable energy assets in Romania, other
countries in Europe and abroad that can provide stable cash flow to
the Trust and a suitable risk-adjusted return on investment. All
material information about the Trust may be found under Jade
Power’s issuer profile at www.sedarplus.ca.
Forward-Looking Statements
Statements in this press release contain
forward-looking information. Such forward-looking information may
be identified by words such as “anticipates”, “plans”, “proposes”,
“estimates”, “intends”, “expects”, “believes”, “may” and “will”.
The forward-looking statements are founded on the basis of
expectations and assumptions made by the Trust. Details of the risk
factors relating to Jade Power and its business are discussed under
the heading “Business Risks and Uncertainties” in the Trust’s
annual Management’s Discussion & Analysis for the year ended
December 31, 2022, a copy of which is available on Jade Power’s
SEDAR+ profile at www.sedarplus.ca. Most of these factors are
outside the control of the Trust. Investors are cautioned not to
put undue reliance on forward-looking information. These statements
speak only as of the date of this press release. Except as
otherwise required by applicable securities statutes or regulation,
Jade Power expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new
information, future events or otherwise.
Neither the TSXV nor its regulation
services provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
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