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July 2, 2013 /PRNewswire/ -- American DG Energy Inc. (NYSE MKT: ADGE), a leading On‑Site Utility offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, today announced that its board of directors declared a special dividend of one share of EuroSite Power Inc. (EuroSite Power) Common Stock for every ten shares of American DG Energy Common Stock.
EuroSite Power, a subsidiary of the Company, has 56,747,100 shares issued and outstanding and American DG Energy owns 45,000,000 of those shares. American DG Energy will issue a special dividend to its shareholders of an aggregate of 4,880,720 shares of EuroSite Power common stock that it owns. The special
dividend is payable on
August 15, 2013 to stockholders of record as of the close of business on
July 25, 2013.
The EuroSite Power shares issued pursuant to the special dividend will not be restricted securities in the hands of shareholders who are not affiliates of American DG Energy or Eurosite Power. Affiliates will be required to sell the securities after a 6 month holding period pursuant to the provisions of the SEC's Rule 144.
The U.S. federal income tax treatment of holding our common stock to any particular stockholder will depend on the stockholder's particular tax circumstances and American DG Energy's current year income or loss. You are urged to consult your tax advisor regarding the U.S. federal, state, local and foreign income and other tax consequences of the special dividend to you, in light of your particular investment or tax circumstances.
American DG Energy sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment.
On-Site Utility customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation and operating expenses are paid by American DG Energy.