05:27 PM EDT, 05/01/2024 (MT Newswires) -- International Clean Power Dividend Fund (CLP-UN.TO) said Wednesday a special meeting of unitholders voted in favour of a resolution approving the previously announced merger of CLP into Infrastructure Dividend Split Corp., a newly formed split share corporation.

The Merger is expected to be completed on May 4..

CLP unitholders will receive Class A shares in the capital of Infrastructure Split (IS.TO) 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, divided by $15.

The initial target distribution yield for the Class A Shares will be 10% per annum based on the notional $15 issue price (or $0.125 per month or $1.50 per annum).