Innergex Power Income Fund and Innergex Renewable Energy Inc. have announced that both companies' security holders have voted in favor of a plan of arrangement. This plan provides for the strategic combination of the fund and Innergex by way of the fund's acquisition of Innergex – through a reverse take-over – thereby effecting the conversion of the fund into a corporation.
Over 99.8% of the votes cast by fund unitholders were in favor of the resolution approving the arrangement, and over 99.8% of the votes cast were in favor of the resolution when excluding the votes of certain interested parties for the purposes of Canadian securities laws. Over 99.9% of the votes cast by Innergex shareholders were in favor of the resolution approving the arrangement.
It is intended that, following the closing of the arrangement, Innergex will establish a dividend policy of C$0.58 per common share per annum, payable quarterly (equivalent to approximately C$0.85 per fund unit). The first quarterly payment will take into consideration the number of days from the closing date of the arrangement to the end of this month.
SOURCE: Innergex Power Income Fund Â