CALGARY, Dec. 10, 2019 /CNW/ - Pembina Pipeline
Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) is
pleased to announce the results of voting at the special meetings
of the Kinder Morgan Canada Limited ("Kinder Morgan Canada") (TSX: KML, KML.PR.A,
KML.PR.C) holders of restricted voting shares and special voting
shares and the holders of preferred shares.
At meetings held earlier today, Kinder
Morgan Canada's holders of restricted voting shares and
special voting shares, voting together as a single class, and
holders of preferred shares, voting together as a single class,
voted to approve the previously announced plan of arrangement (the
"Arrangement") pursuant to which Pembina will acquire Kinder Morgan Canada and its businesses through
the acquisition of all of the issued and outstanding shares of
Kinder Morgan Canada and the Class B
limited partnership units of Kinder Morgan Canada Limited
Partnership, a wholly-owned subsidiary of Kinder Morgan Canada.
Also, today the Company received the final order from the Court
of Queen's Bench of Alberta
approving the Arrangement. As previously announced, all material
regulatory conditions necessary for completion of the Arrangement
have been satisfied. Completion of the Arrangement remains subject
to other customary conditions to closing, including the concurrent
completion of the sale of the U.S. portion of the Cochin pipeline system by Kinder Morgan, Inc. to Pembina, and is expected
to occur on or about December 16,
2019.
About Pembina
Calgary-based Pembina Pipeline
Corporation is a leading transportation and midstream service
provider that has been serving North
America's energy industry for 65 years. Pembina owns an
integrated system of pipelines that transport various hydrocarbon
liquids and natural gas products produced primarily in western
Canada. The Company also owns gas gathering and processing
facilities; an oil and natural gas liquids infrastructure and
logistics business; is growing an export terminals business; and is
currently constructing a petrochemical facility to convert propane
into polypropylene. Pembina's integrated assets and commercial
operations along the majority of the hydrocarbon value chain allow
it to offer a full spectrum of midstream and marketing services to
the energy sector. Pembina is committed to identifying additional
opportunities to connect hydrocarbon production to new demand
locations through the development of infrastructure that would
extend Pembina's service offering even further along the
hydrocarbon value chain. These new developments will contribute to
ensuring that hydrocarbons produced in the Western Canadian
Sedimentary Basin and the other basins where Pembina operates can
reach the highest value markets throughout the world.
Purpose of Pembina:
To be the leader in delivering integrated infrastructure
solutions connecting global markets;
- Customers choose us first for reliable and value-added
services;
- Investors receive sustainable industry-leading total
returns;
- Employees say we are the 'employer of choice' and value
our safe, respectful, collaborative and fair work culture; and
- Communities welcome us and recognize the net positive
impact of our social and environmental commitment.
Pembina is structured into three Divisions: Pipelines Division,
Facilities Division and Marketing & New Ventures Division.
Pembina's common shares trade on the Toronto and New
York stock exchanges under PPL and PBA, respectively. For
more information, visit www.pembina.com.
Forward-Looking Information and Statements
This press release contains certain forward-looking
statements and information (collectively, "forward-looking
statements") within the meaning of the "safe harbor" provisions of
applicable securities legislation that are based on Pembina's and
Kinder Morgan Canada's current
expectations, estimates, projections and assumptions in light of
their experience and their perception of historical trends. In some
cases, forward-looking statements can be identified by terminology
such as "expects", "will", "would", "anticipates", "plans",
"estimates", "develop", "intends", "potential", "continue",
"could", "create", and similar expressions suggesting future events
or future performance.
In particular, this press release contains forward-looking
statements, including, without limitation, the following: the
Arrangement, including the expected closing date and the ability of
Pembina and Kinder Morgan Canada to
satisfy the other conditions to, and to complete, the Arrangement.
These forward-looking statements are being made by Pembina based on
certain assumptions that Pembina has made in respect thereof as at
the date of this news release, including: the ability of the
parties to satisfy the conditions to closing of the Arrangement in
a timely manner. Although Pembina believes that the expectations
and material factors and assumptions reflected in these
forward-looking statements are reasonable as of the date hereof,
there can be no assurance that these expectations, factors and
assumptions will prove to be correct. These forward-looking
statements are not guarantees of future performance and are subject
to a number of known and unknown risks and uncertainties, which may
cause actual performance and financial results to differ materially
from the results expressed or implied, including, but not limited
to: the ability of the parties to receive, in a timely manner, the
necessary court, stock exchange and other third-party approvals,
including but not limited to the ability of the parties to satisfy,
in a timely manner, the other conditions to the closing of the
Arrangement, including the concurrent closing of the sale of the
U.S. portion of the Cochin
pipeline system by Kinder Morgan,
Inc. to Pembina; and certain other risks detailed from time to time
in Pembina's public disclosure documents including, among other
things, those detailed under the heading "Risk Factors" in
Pembina's and Kinder Morgan Canada's
management's discussion and analysis and annual information form
for the year ended December 31, 2018,
which can be found at www.sedar.com under respective company's
profiles. In addition, the closing of the Arrangement may not be
completed, or may be delayed if the parties' respective conditions
to the closing of the Arrangement are not satisfied on the
anticipated timelines or at all. Accordingly, there is a risk that
the Arrangement will not be completed within the anticipated time,
on the terms currently proposed and disclosed in this press release
or at all.
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. The forward-looking statements
contained in this document speak only as of the date of this
document. Pembina does not undertake any obligation to publicly
update or revise any forward-looking statements or information
contained herein, except as required by applicable laws.
The forward-looking statements contained in this document are
expressly qualified by this cautionary statement.
Investor Relations, Scott Arnold,
(403) 231-3156, 1-855-880-7404, e-mail:
investor-relations@pembina.com, www.pembina.com