International Clean Power Dividend Fund Completes Conversion Into Infrastructure Dividend Split Corp.

TORONTO, May 06, 2024 (GLOBE NEWSWIRE) -- Infrastructure Dividend Split Corp. (“Infrastructure Split”) (TSX: IS) is pleased to announce the successful completion of the previously announced merger of International Clean Power Dividend Fund (“CLP”) (TSX: CLP.UN), with Infrastructure Split being the continuing fund. Each CLP unit has been automatically exchanged into 0.46707742 Class A Shares of Infrastructure Split. This exchange ratio was based on the net asset value per unit of CLP as of the close of business on May 3, 2024, divided by $15.00. Approximately 5,212,245 Class A shares of Infrastructure Split were issued in connection with the merger. CLP Units will be delisted from the TSX at the end of business on May 7^th. Class A Shares of Infrastructure Split will begin trading on the TSX at the opening of business on May 8^th under the symbol IS. Unitholders of CLP do not need to take any actions to receive their Class A Shares of Infrastructure Split.

Infrastructure Split has been designed to provide investors with a diversified, actively managed portfolio comprised primarily of dividend paying securities of issuers operating in the infrastructure sector. The investment strategy of Infrastructure Split will be to initially invest in a portfolio of approximately 15 dividend-paying issuers operating in the infrastructure sector that Middlefield Capital Corporation (the “Advisor”), the investment advisor of Infrastructure Split, believes offers investors the potential for both income through attractive dividend yields and capital appreciation and that it believes are undervalued and well-positioned to benefit from the Advisor’s outlook for a gradual reduction in interest rates, the continuation of global decarbonization, and favourable demographics (such as a growing middle class and urbanization).

The investment objectives for the Class A Shares are to provide holders with non-cumulative monthly cash distributions and to provide holders with the opportunity for capital appreciation through exposure to the portfolio.
The initial target distribution yield for the Class A Shares will be 10% per annum based on the $15 issue price (or $0.125 per month or $1.50 per annum). Former unitholders of CLP who wish to participate in the Distribution Reinvestment Plan (the “DRIP”) of Infrastructure Split Class A shares will need to enroll in the Infrastructure Split’s DRIP. The first distribution of Infrastructure Split Class A shares is not DRIP eligible and will be payable to holders of record as at May 10^th, 2024, and paid on May 15^th, 2024.