Mr. Perry Schuldhaus of Enbridge Holdings reports
ENBRIDGE INCOME FUND HOLDINGS INC. SHAREHOLDERS APPROVE ACQUISITION OF CANADIAN LIQUIDS PIPELINES BUSINESS AND RENEWABLE ENERGY ASSETS FROM ENBRIDGE INC.
Enbridge Income Fund Holdings Inc. shareholders (other than Enbridge Inc. and certain of its related parties) have approved the acquisition of Enbridge Inc.'s Canadian liquids pipelines business and certain Canadian renewable energy assets by an indirect subsidiary of Enbridge Income Fund, the terms of which were announced on June 19, 2015.
The assets in the Canadian liquids pipelines business comprise the Canadian portion of the Enbridge Mainline system and the Alberta regional oil sands system, and include $13-billion in secured growth capital.
"The shareholder vote reflects overwhelming support for the transaction and will enable the company and the fund to move forward in acquiring the Canadian portion of the most strategic liquids pipeline asset portfolio in North America," said company president Perry Schuldhaus. "The acquisition will transform the fund into a premier energy infrastructure entity, and provide visible growth and significant value for shareholders, delivering an anticipated 10-per-cent dividend increase on closing. A further 10-per-cent increase is expected at the beginning of 2016 and each year thereafter through 2019."
As the fund expects to be in receipt of all regulatory and third party consents shortly, closing of the transaction is expected to occur on Sept. 1, 2015.
Voting results
For the approval of the transaction resolution, the full text of which was set out on page 93 of the notice of special meeting and management information circular dated June 29, 2015, by a majority of the minority pursuant to National Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.
Votes for Votes against Votes excluded (1)
Number % Number % Number
24,642,898 98.58 355,151 1.42 14,113,473
(1) Shares voted by Enbridge Inc. and related parties of Enbridge Inc.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.