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

TORONTO, May 01, 2024 (GLOBE NEWSWIRE) -- International Clean Power Dividend Fund (“CLP”) (TSX: CLP.UN) is pleased to announce that a special meeting of unitholders of CLP was held today at which unitholders voted in favour of a resolution approving the previously announced merger (the “Merger”) of CLP into Infrastructure Dividend Split Corp. (“Infrastructure Split”), a newly formed split share corporation. The Merger is expected to be completed on May 4, 2024.

CLP unitholders will receive Class A shares in the capital of Infrastructure Split (TSX:IS) in exchange for their units held immediately prior to the effective time of the Merger, based on an exchange ratio that is equal to the net asset value of CLP per Unit determined as at the close of business on May 3, 2024, divided by $15.00. 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.

The initial target distribution yield for the Class A Shares will be 10.0% per annum based on the notional $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 as follows:

Record Date	Payable Date	Distribution Per Class A Share
May 10, 2024	May 15, 2024	$0.12500

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).