TORONTO, Nov. 25, 2022 (GLOBE NEWSWIRE) — Jade Power Trust (“jade power” or the “trust“) JPWR announces the resignation of Amar Bhalla from the Board of Directors (the “blackboard“) by Jade Power Administrator Inc., Administrator of the Trust.
“On behalf of the Trust, I would like to thank Amar for his seven years of valuable contributions to the Board. We wish him well in his future endeavors,” said Mr. Ravi Sood, Chairman of the Trust. In connection with his resignation from the Board, Mr. Bhalla said: “Congratulations to Jade Power and management on the successful sale of all of the Trust’s assets. It has been my pleasure to serve on the Board for the last seven years and develop the business with Jade Power from start to finish.”
The Board is considering the Trust’s options regarding the future composition of the Board in light of the completion of the Trust’s previously announced sale of all of its renewable energy assets (the “sales transaction“) to Energy Power Holding GmbH (“energy“) and an affiliated company (the “buyer“), pursuant to the terms of the Share Sale Agreement dated September 1, 2022 made between the Trust, Enery, the Purchaser and certain affiliates of the Trust.
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About Jade Power
The Trust was established, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide the Trust with stable cash flow and a reasonable risk-adjusted return on investments. The Trust intends to qualify as a “Mutual Fund Trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust is not a “SIFT Trust” (as defined in the Taxes Act) provided that the Trust will at all times comply with its investment restrictions which prevent the Trust from holding “non-portfolio assets” (as defined in the Taxes Act). All essential information about the trust can be…
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