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CALGARY, March 21, 2012 /CNW/ - Veresen Inc. ("Veresen" or "the Company") (TSX: VSN) today announced that Ms. Maureen Howe has been nominated to stand for election as a director of Veresen at the Company's Annual General Meeting on May 1, 2012, along with all of the incumbent directors, other than Mr. David Drybrough and Mr. Robert Reid, who will not be standing for re-election to the board.
"We are pleased that Maureen has been nominated to join Veresen's board," said Stephen Mulherin, chairman of the board of Veresen. "Ms. Howe's financial and capital markets experience in the area of energy infrastructure makes her an excellent fit for our board, and I believe her insights and years of experience will be extremely valuable to our company."
Formerly a Managing Director at RBC Capital Markets in equity research, Ms. Howe was regularly a top ranked analyst in Canada by independent industry surveys. She specialized in the area of energy infrastructure, which included power generation, transmission and distribution, oil and gas transmission and distribution, gas processing, and alternative energy. Prior to joining RBC Capital Markets, Ms. Howe held finance positions in the utility industry, investment banking and portfolio management.
Mr. Howe is a director of TimberWest Forest Corp., the UBC Investment Management Trust and the Canadian Securities Institute Foundation. She is also a member of the Board of Governors of the University of British Columbia, Chairperson of the Phillips, Hager & North Centre for Financial Research, and a board member of the Insurance Corporation of British Columbia.
Over her career, Ms. Howe has been involved with a number of not-for-profit and professional entities, including Board Membership with the YWCA, the Financial Institutions Commission of British Columbia, the Health Care Benefit Trust, and the Faculty Advisory Board for the Sauder School of Business. She has taught a number of finance courses at the Undergraduate, and Graduate level. Ms. Howe holds a Bachelor of Commerce (Honours) from the University of Manitoba and a Ph.D. in Finance from the University of British Columbia.
March 2012 Dividend
Veresen's Board of Directors has declared a cash dividend for March 2012 of $0.0833 per share. The dividend will be paid on April 23, 2012 to shareholders of record at the close of business on March 30, 2012. 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 ("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 who have not previously enrolled in the Plan and wish to enroll in the Plan with respect to the March 2012 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 Friday, March 23, 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 March 2012 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 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 and each of its pipeline, midstream and power businesses are also actively developing a number of greenfield projects. In the normal course of its business, Veresen and each of its businesses regularly evaluate and pursue acquisition and development opportunities.
Veresen's common shares, Series A 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" and VSN.DB.C", respectively. For further information, please visit www.vereseninc.com.
™ denotes trademark of Canaccord Genuity Corp.
For further information:
Dorreen Miller, Director Investor Relations
Phone: (403) 213-3633