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Capstone Infrastructure Corp Announces Arrangement Agreement with Renewable Energy Developers Inc


Wednesday, 3 Jul 2013 11:38am EDT 

Capstone Infrastructure Corp and Renewable Energy Developers Inc(ReD) announced that they have entered into a definitive agreement (the Agreement) whereby Capstone will acquire all the outstanding shares of ReD (the Transaction) by way of a share exchange, which will result in a larger infrastructure company with power generation facilities across Canada totalling approximately net 465 megawatts (MW) of installed capacity, an attractive pipeline of contracted development opportunities in Canada representing net 79 MW of capacity, and international investments in regulated water and district heating businesses. Under the terms of the Transaction, shareholders of ReD will receive 0.26 of a Capstone common share and $0.001 in cash, which, combined, is currently the equivalent of $1.01, for each common share of ReD. The consideration payable to ReD`s shareholders represents a premium of 10.8% based on the 20-day volume weighted average price (VWAP) of ReD`s common shares and Capstone`s common shares on the Toronto Stock Exchange (TSX) as at July 2, 2013 of $0.91 and $3.88, respectively. Upon completion of the Transaction, which is valued at approximately $70 million, existing Capstone shareholders and ReD shareholders will own approximately 80% and approximately 20% of the common shares of the combined company, respectively. The Transaction will be completed by a plan of arrangement, resulting in ReD becoming an indirect, wholly-owned subsidiary of Capstone. 

Company Quote

4.05
-0.05 -1.22%
4:00pm EDT