(Source: Canada Newswire)
TORONTO, July 27 /CNW/ - Algonquin Power Income Fund (the "Fund") (TSX: APF.UN) announced today that its unitholders passed an extraordinary resolution to approve an amendment to the Fund's declaration of trust that will facilitate the previously announced proposed trust unit for common share exchange. The extraordinary resolution was approved by approximately 96.7% of the votes cast by unitholders present in person or represented by proxy at the meeting. The approved amendment reduces the threshold for completion of a compulsory acquisition in connection with the proposed common share for trust unit exchange previously announced on June 12, 2009.
The Fund's convertible debentureholders were requested to approve a similar extraordinary resolution to amend the Fund's trust indenture in respect of its debentures. As a quorum was not present, the meeting has been adjourned until Monday, August 17, 2009 at 3:00 p.m. at the offices of Blake, Cassels & Graydon LLP, Commerce Court West, 23rd Floor, 199 Bay Street, Toronto. At the adjourned meeting, debentureholders present in person or by proxy will form a quorum.
It is anticipated that the exchange offers will be mailed to unitholders and debentureholders in early September 2009. Completion of the transaction is subject to, among other things, final approval of a plan of arrangement in respect of Hydrogenics Corporation by the Ontario Superior Court of Justice, which is expected to be sought on July 29, 2009, and receipt of certain regulatory approvals, including the approval of the Toronto Stock Exchange. Provided these and all other conditions precedent to completion of the transaction are satisfied or waived, the transaction is expected to close in early October, 2009.
ABOUT ALGONQUIN POWER INCOME FUND
Algonquin Power Income Fund owns and operates a diverse portfolio of approximately $1 billion of clean, renewable power generation and sustainable utility infrastructure assets across North America. The Fund's generation portfolio includes 42 renewable energy facilities and 11 thermal energy facilities representing more than 400 MW of installed capacity and the Fund provides regulated utility services to more than 70,000 customers through its portfolio of 18 water distribution and wastewater treatment utility companies. Algonquin Power Income Fund's trust units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB and APF.DB.A. Visit Algonquin Power Income Fund on the web at www.AlgonquinPower.com.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication is being made in respect of the proposed take- over bid by Hydrogenics Corporation ("Hydrogenics") to the security holders of Algonquin Power Income Fund ("Algonquin"). In connection with the proposed transaction, Hydrogenics initially filed on July 13, 2009 a registration statement on Form F-4 containing a preliminary take-over bid circular/prospectus with the U.S. Securities and Exchange Commission ("SEC"). Each of Algonquin and Hydrogenics will be filing other documents regarding the proposed transaction with the SEC.
BEFORE MAKING ANY INVESTMENT DECISION, SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, INCLUDING THE TAKE-OVER BID CIRCULAR/PROSPECTUS, REGARDING THE PROPOSED TRANSACTION AND ANY OTHER FILED DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY DO AND WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The final takeover bid circular will be mailed to Algonquin's security holders. Investors and security holders will be able to obtain the registration statement containing the take-over bid circular/prospectus and other documents free of charge at the SEC's web site, www.sec.gov, or from Hydrogenics Corporation, 5985 McLaughlin Road, Mississauga, Ontario, L5R 1B8, Canada, Attn: Investor Relations, (905) 361-3660.
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