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Crius Energy Trust To Initiate a Tender Offer to Acquire Remaining Interest in Crius Energy, LLC
May 19,2016 Crius Energy Trust ("Crius" or the "Trust") announces that the Trust and Crius Energy Corporation, an indirect wholly-owned subsidiary of the Trust, will initiate a tender offer to purchase all of the memberships units (the "LLC Units") of Crius Energy, LLC (the "Company") not already owned, directly or indirectly, by the Trust (the "Remaining LLC Acquisition"). Each holder of LLC Units (each, a "Seller") who validly tenders all but not less than all of their LLC Units to the Tender Offer will receive, in exchange for each LLC Unit, a buy-out payment (the "Buy-Out Payment") comprised of (i) 0.766 trust units of the Trust (the "Unit Portion"), and (ii) C$2.93 (the "Cash Portion"), representing an implied value of C$9.74 per LLC Unit and a total of C$189.4 million assuming all Sellers validly tender their LLC Units to the Tender Offer. "We are very pleased to be moving forward with this transaction which will take the Trust's ownership position in the Company to 100% on a non-dilutive basis", commented David Kerr, Chairman of the Board "The transaction greatly simplifies the Trust's structure and will improve our market capitalization and trading liquidity, as well as enhance our access to the capital markets, which will benefit investors as we continue to progress with our growth strategy." Crius said that the transaction provides: • Enhanced scale and profile on capital markets • Simplified organizational structure • Expected to generate administrative cost savings • Expected to have no material impact on the Trust's distribution policy, payout ratio or net after-tax distributions to Unitholders
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