The special meetings of Voting Shareholders and holders of KML preferred shares (Preferred Shareholders) to approve the Arrangement are scheduled for December 10, 2019
Image: Independent proxy advisors of Kinder Morgan Canada have endorsed the Pembina transaction. Photo: courtesy of outgunned21/FreeImages.
Kinder Morgan Canada Limited (TSX: KML) is pleased to announce that leading independent proxy advisory firms Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co. (Glass Lewis) have recommended that the holders of KML’s restricted voting shares and special voting shares (together, the Voting Shareholders) vote in favour of the proposed acquisition of KML’s outstanding common equity by Pembina Pipeline Corporation (Pembina) by way of a statutory arrangement under the Business Corporations Act (Alberta) (the Arrangement). The special meetings of Voting Shareholders and holders of KML preferred shares (Preferred Shareholders) to approve the Arrangement are scheduled for December 10, 2019.
“We are pleased to have received the endorsement from both ISS and Glass Lewis for our arrangement with Pembina,” said KML Board Chairman and CEO Steve Kean. “We believe this transaction is highly beneficial to KML shareholders as they will have the opportunity to participate in a larger and growing platform of North American midstream energy assets. Additionally, the consideration to be received by Voting Shareholders represents an approximately 38% premium over the closing price of the KML restricted voting shares on August 20, 2019, the day prior to the transaction announcement.”
KML’s board of directors has unanimously determined that the Arrangement is fair to Voting Shareholders and Preferred Shareholders and is in the best interests of KML and unanimously recommends that Voting Shareholders and Preferred Shareholders vote in favour of the Arrangement.
Shareholders are reminded that the deadline to vote is fast approaching. Voting Shareholders must submit their votes by 9:00AM (Calgary time) on December 6, 2019 and Preferred Shareholders must submit their votes by 10:00AM (Calgary time) on December 6, 2019.
KML has retained Kingsdale Advisors to act as proxy solicitation agent and to answer information requests from shareholders.
Source: Company Press Release