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Capstone Infrastructure Corp And Renewable Energy Developers Inc Announce Completion Of Plan Of Arrangement

Tuesday, 1 Oct 2013 08:43am EDT 

Capstone Infrastructure Corporation and Renewable Energy Developers Inc. announced the completion of the previously announced plan of arrangement pursuant to which, among other things, Capstone acquired all of the issued and outstanding common shares of ReD. Pursuant to the Arrangement, the former holders of ReD Shares received 0.26 of a common share in the capital of Capstone and $0.001 in cash in exchange for each ReD Share held. In addition, all outstanding options to purchase ReD Shares were exchanged for an option exercisable to acquire Capstone Shares. The obligations of ReD with respect to its outstanding common share purchase warrants have been assumed by Capstone in accordance with the terms of the warrant indenture, and each such warrant will now be exercisable to receive 0.26 of a Capstone Share and $0.001 in cash. Also pursuant to the Arrangement, the 6.75% convertible unsecured subordinated debentures of ReD due December 31, 2017 became convertible into Capstone Shares and cash pursuant to the terms of the debenture indenture, but will remain outstanding obligations of ReD. With the completion of the Arrangement, it is anticipated that the ReD Shares will be delisted from the Toronto Stock Exchange (TSX) as soon as practicable. ReD is now a subsidiary of Capstone, but will remain a reporting issuer in all of the provinces of Canada as the ReD Debentures will remain outstanding obligations of ReD and continue to be listed on the TSX under the symbol RDZ.DB. 

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-0.03 -0.74%
29 Sep 2014