CALGARY,
March 27, 2012 /PRNewswire/ - Pembina
Pipeline Corporation ("Pembina") and Provident Energy Ltd.
("Provident") are pleased to announce that the holders of common
shares of Provident have approved the proposed acquisition of
Provident by Pembina pursuant to a plan of arrangement under the
Business Corporations Act (Alberta) (the "Arrangement"). Under the
Arrangement, Provident shareholders will receive 0.425 of a common
share of Pembina for each Provident share held. The
Arrangement was approved by approximately 99 percent of the votes
cast by Provident shareholders at the special meeting of
shareholders held today. The Arrangement is more fully described in
the joint management information circular of Pembina and Provident,
dated February 17, 2012.
At the meeting of its shareholders also held today, Pembina
received shareholder approval for the issuance of up to 130,000,000
Pembina common shares pursuant to the Arrangement. The resolution
was approved by approximately 99 percent of the votes cast by
Pembina shareholders at the Pembina meeting. In addition,
Pembina shareholders approved an amendment to Pembina's articles to
increase the maximum number of directors of Pembina from nine to
eleven.
Following the shareholder meetings, Provident received final
approval of the Arrangement by the Court of Queen's Bench of
Alberta.
The completion of the Arrangement is subject to certain other
closing matters customary in transactions of this nature, as well
as final regulatory approval by the Toronto Stock Exchange ("TSX").
The Arrangement is scheduled to formally close on April 2, 2012.
Pembina's Chief Executive Officer Bob
Michaleski stated: "I am thrilled that the resolutions in
connection with the proposed acquisition were overwhelmingly
favoured by shareholders of both Pembina and Provident at our
respective meetings this morning. With approval of the Court of
Queen's Bench of Alberta having
been obtained this afternoon, we are nearing the final phase of
completing the acquisition. We're looking forward to the future
growth and prosperity this combination creates for Pembina and its
owners."
About Pembina
Pembina Pipeline Corporation transports crude oil and natural
gas liquids produced in western Canada, owns and operates oil sands pipelines
and has a strong presence in midstream and marketing and gas
services sectors. Pembina provides monthly cash dividends to its
shareholders. Pembina's common shares and convertible debentures
are traded on the TSX under the symbols PPL and PPL.DB.C
respectively.
About Provident
Provident is a Calgary-based
corporation that owns and manages a natural gas liquids
infrastructure and logistics business. Provident's facilities are
strategically located in western Canada and in the premium natural gas liquids
markets in eastern Canada and the
U.S. Provident provides monthly cash dividends to its shareholders.
Provident's common shares are traded on the TSX and the New York
Stock Exchange under the symbols PVE and PVX, respectively.
Provident's convertible debentures are traded on the TSX under the
symbols PVE.DB.E and PVE.DB.F.
Forward-Looking Information and Statements
This news release contains certain forward-looking
information and statements ("forward-looking statements") within
the meaning of applicable securities laws and are based on the
expectations, estimates and projections of management of the
parties as of the date of this news release unless otherwise
stated. The use of any of the words "proposed", "may", "will" and
similar expressions are intended to identify forward-looking
statements and information. More particularly and without
limitation, this news release contains forward-looking statements
concerning the expected completion date of the Arrangement.
The forward-looking statements in this news release are based
on certain key expectations and assumptions made by Pembina and
Provident, including the receipt, in a timely manner, of remaining
regulatory approvals in respect of the proposed Arrangement.
Although Pembina and Provident believe that the expectations and
assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information because
Pembina and Provident can give no assurance that they will prove to
be correct.
Accordingly, readers are cautioned that events or
circumstances could cause results to differ materially from those
predicted, forecasted or projected. Such forward-looking statements
are expressly qualified by the above statements and are made as of
the date of this news release. The parties do not undertake any
obligation to publicly update or revise any forward-looking
statements or information contained herein, except as required by
applicable laws.
SOURCE Pembina Pipeline Corporation