Trading Symbol: VSN
CALGARY, April 14 /CNW/ - Veresen Inc. announced today that its Board of Directors has declared a
cash dividend for April 2011 of $0.0833 per share. The dividend will
be paid on May 20, 2011 to shareholders of record at the close of
business on April 29, 2011. This dividend is designated an "eligible
dividend" for Canadian income tax purposes.
The dividend is eligible to be reinvested by shareholders, at a 5%
discount, in common shares of Veresen Inc. ("Common Shares") under the dividend reinvestment component of the Premium Dividend™
and Dividend Reinvestment Plan of Veresen Inc. ("Plan") to be held for their account under the Plan, or such shareholders may
have these additional Common Shares delivered to a designated plan
broker in exchange for a premium cash payment equal to 102% of the
reinvested amount under the Premium Dividend™ component of the Plan.
Registered shareholders of Veresen Inc. who have not previously enrolled
in the Plan and wish to enroll in the Plan with respect to the April
2011 cash dividend and future cash dividends declared by Veresen Inc.,
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 (Toronto time) on Thursday, April 21, 2011. 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 Inc.'s website at www.vereseninc.com.
Beneficial shareholders of Veresen Inc. who have not previously enrolled
in the Plan and wish to participate in the Plan with respect to the
April 2011 cash dividend and future cash dividends declared by Veresen
Inc., 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.
Corporate Governance Update
Veresen Inc. also announced today that its Board of Directors has
determined to commit to individual director elections starting with the
annual meeting of shareholders in 2012. This will permit shareholders
to vote for each director nominee individually rather than for an
entire slate of director nominees.
Stephen White, President and CEO, commented, "Our Board of Directors and
management recognize that corporate governance is evolving and
effective governance is central to our prudent direction and operation
and ultimately enhances shareholder value. We believe that the change
to individual director elections is in the best interests of our
company and our shareholders. It underscores the commitment by our
Board to exemplary corporate governance principles and is consistent
with current best practice standards in Canada."
Veresen Inc. is a publicly traded dividend paying corporation based in
Calgary, Alberta, that owns and operates energy infrastructure assets
across North America. Its common 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" and
"VSN.DB.C", respectively. Veresen Inc. 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 an interest in a
world-class extraction facility near Chicago; and a power business with
renewable and gas-fired facilities and development projects in Canada
and the United States, and district energy systems in Ontario and
Prince Edward Island. Veresen Inc. and each of its pipeline, midstream
and power businesses are also actively developing a number of
greenfield investment opportunities. In the normal course of its
business, Veresen Inc. and each of its businesses regularly evaluate
and pursue acquisition and development opportunities.
SOURCE Veresen Inc.
For further information:
| Stephen H. White |
President and C.E.O.
Suite 440, 222 - 3rd Avenue S.W.
Calgary, AB T2P 0B4
Phone: (403) 296-0140; Fax: (403) 213-3648
| || || || || || Richard Weech |
Senior Vice President, Finance and C.F.O.