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Share Name | Share Symbol | Market | Type |
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West Isle Energy | TSXV:WEI | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Spectra Energy Income Fund (TSX:SP.UN) (the "Fund") today announced that the Fund's unitholders have voted in favour of a proposed special resolution to approve the proposed acquisition of all the outstanding units of the Fund by Westcoast Energy Inc. ("WEI"), a wholly-owned subsidiary of Spectra Energy Corp. At a special meeting of the Fund's unitholders held earlier today, the proposed acquisition was approved by more than two-thirds of the votes cast by the Fund's unitholders of record on March 17, 2008, as required by the Fund's Trust Indenture, and by more than a majority of the votes cast by the Fund's unitholders (other than WEI and its related parties), as required under applicable securities laws. The transaction is expected to close on May 1, 2008. Forward-Looking Statements: This news release includes statements that do not directly or exclusively relate to historical facts, referred to as "forward-looking statements." You can typically identify forward-looking statements by the use of forward-looking words, such as "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "estimate", "continue", "potential", "plan", "forecast" and other similar words. The forward-looking statements reflect management's current intentions, plans, expectations, beliefs and assumptions about future events, including the outlook for general economic trends, industry trends, commodity prices, capital markets, and the governmental, legal and regulatory environment. Forward-looking statements relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, new services, market forces, commitments and technological developments. Forward-looking statements also relate to the proposed transaction described in this news release, including the terms and conditions of that transaction and the anticipated timing for closing. These statements are subject to various known and unknown risks and uncertainties that are outside our control and could cause actual results to differ materially from the results expressed or implied by the forward-looking statements. Those risks and uncertainties include market and general economic conditions, future costs, treatment under government regulatory, tax and environmental regimes and the other material risks discussed in the Fund's Annual Information Form dated March 10, 2008, under "Risk Factors" and in the management's discussion and analysis of the Fund and Spectra Energy Facilities LP under the headings "Risk Profile" contained in the Fund's Annual Report for the year ended December 31, 2007. Risks and uncertainties relating to the proposed transaction include risks that the parties will not proceed with the transaction or that the transaction will not be completed for any reason. Undue reliance should not be placed on this forward-looking information, which is given as of the date of this release, and the Fund undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise. About Spectra Energy Income Fund Spectra Energy Income Fund is an unincorporated open-ended trust established under the laws of the Province of Alberta and owns a 53.8 percent indirect interest in Spectra Energy Facilities LP ("SEF LP") which owns 100 per cent of Spectra Energy Midstream Corporation ("Spectra Midstream"). Spectra Energy indirectly owns the remaining 46.2 percent interest of SEF LP and is the sponsor of the Fund. Spectra Midstream is one of the largest independent midstream operations in the Western Canadian Sedimentary Basin ("WCSB") with interests in thirteen natural gas processing plants with a net processing capacity of 924 mmcf/d and over 1,600 kilometres of natural gas gathering pipelines located throughout natural gas prone areas in the western extent of the WCSB. More information on Spectra Energy Income Fund can be found at: http://www.spectraenergyfund.com.
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