Crius Energy Confirms Closing of Vistra Transaction and Payment of Declared Distribution Expected on July 15, 2019

Source Press Release
Company Crius Energy TrustVistra Energy 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date July 12, 2019

Crius Energy Trust (the "Trust" or "Crius Energy") (TSX: KWH.UN) is pleased to announce that the acquisition of Crius Energy's business by Vienna Acquisition B.C. Ltd., a wholly-owned subsidiary of  Vistra Energy Corp., is expected to close on July 15, 2019, and wish to make unitholders of the Trust 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. The amount of the Trust's income to be allocated to unitholders for Canadian income tax purposes in connection with the Declared Distribution will be an amount equal to 75% of the amount of the Declared Distribution, consistent with the Trust's practice with respect to previous distributions.

  • Delisting of Trust Units (TSX: KWH.UN): The trust units of the Trust are expected to be delisted from the Toronto Stock Exchange effective as of the close of markets on July 17, 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 (net of any applicable withholding tax) on or about July 18, 2019 (following the redemption of the trust units of the Trust and winding-up of the Trust). The amount of the Trust's income (excluding net taxable capital gains) to be allocated to unitholders for Canadian income tax purposes in connection with the redemption of their trust units is expected to be $0.06 per trust unit, representing approximately 0.68% of the purchase price of $8.80.

Michael Fallquist, Chief Executive Officer and Director of Crius Energy, had the following closing remarks: "On behalf of Crius Energy, we sincerely thank all of those who have supported our business, including our customers, unitholders and trusted advisors. We thank each of you for believing in us and investing in our business." Mr. Fallquist also added: "Vistra's management team is committed to a seamless integration of our business and, to that end, our valued customers can expect no change in service as our business is transitioned under Vistra's umbrella."

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd