/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Dec. 9, 2013 /CNW/ - Veresen Inc. ("Veresen" or "the Company") (TSX: VSN) today announced
guidance for 2014 and declared a cash dividend for December 2013.
Veresen is forecasting distributable cash in the range of $0.93 to $1.25
per Common Share for 2014. Based on a forecast aggregate dividend
payout of $1.00 per Share for 2014, the corresponding range of the
payout ratio will be 80 percent to 107 percent.
"Our 2014 guidance reflects our confidence in the continued strong
operating performance of our core assets and a gradual improvement in
natural gas liquids margins over the course of 2014," said Don Althoff,
President and CEO of Veresen.
"In 2014, our primary efforts will be devoted to the recontracting of
the Alliance Pipeline, supporting our Jordan Cove LNG Project through
the regulatory process with the U.S. Department of Energy and the
Federal Energy Regulatory Commission, and expanding our Midstream
footprint in the Western Canadian Sedimentary Basin. In addition, with
recent additions to our leadership team in 2013, Veresen is
well-positioned to support an acceleration of organic growth projects
which align with our core businesses and would, in turn, generate
steady earnings and cash flow to further underpin our dividend."
For 2013, Veresen maintains its previously announced guidance for
distributable cash of $1.06 to $1.16 per Common Share, with a midpoint
of $1.11 per Common Share. Further details concerning 2013 and 2014
guidance can be found in the Invest section of Veresen's website at
December Cash Dividend
The Board of Directors of Veresen declared a cash dividend of $0.0833
per common share. The dividend will be paid on January 23, 2014 to
shareholders of record at the close of business on December 31, 2013.
This dividend is designated an "eligible dividend" for Canadian income
The dividend is eligible to be reinvested by shareholders, at a 5%
discount, in common shares of Veresen under the dividend reinvestment
component of the Premium Dividend™ and Dividend Reinvestment Plan of
Veresen ("Plan") to be held for their account under the Plan. No
portion of this dividend will be eligible for a premium cash payment
under the Premium Dividend™ component of the Plan.
Registered shareholders of Veresen who have not previously enrolled in
the Plan and wish to enroll in the Plan with respect to the December
2013 cash dividend and future cash dividends declared by Veresen, must
deliver to Computershare Trust Company of Canada, as Plan Agent, a
completed enrollment form which is available at
www.computershare.com/investorcentrecanada, at or before 5:00 pm (ET)
on Tuesday, December 24, 2012. A copy of the enrollment form may also
be obtained by calling Computershare Trust Company of Canada at
1-800-564-6253, or from Veresen's website at www.vereseninc.com.
Beneficial shareholders of Veresen who have not previously enrolled in
the Plan and wish to participate in the Plan with respect to the
December 2013 cash dividend and future cash dividends declared by
Veresen, should contact their broker, investment dealer, financial
institution or other nominee to provide appropriate enrollment
instructions and to ensure any deadlines or other requirements that
such nominee may impose or be subject to are met.
About Veresen Inc.
Veresen is a publicly-traded, dividend paying corporation based in
Calgary, Alberta that owns and operates energy infrastructure assets
across North America. Veresen is engaged in three principal businesses:
a pipeline transportation business comprised of interests in two
pipeline systems, the Alliance Pipeline and the Alberta Ethane
Gathering System; a midstream business which includes ownership
interests in a world-class natural gas liquids extraction facility near
Chicago, the Hythe/Steeprock gas gathering and processing complex, and
other natural gas and NGL processing energy infrastructure; and a power
business focused on gas-fired, renewable and district energy
facilities. Veresen is also actively developing a number of greenfield
projects and regularly evaluates and pursues acquisition and
Veresen's common shares, Series A preferred shares, Series C preferred
shares, and 5.75% convertible unsecured subordinated debentures, Series
C due July 31, 2017 are listed on the Toronto Stock Exchange under the
symbols "VSN", "VSN.PR.A", "VSN.PR.C" and VSN.DB.C", respectively. For
further information, please visit www.vereseninc.com.
™ denotes trademark of Canaccord Genuity Corp.
SOURCE: Veresen Inc.
For further information:
Dorreen Miller, Director Investor Relations
Phone: (403) 213-3633