Pembina Mails Joint Information Circular, Urges Shareholders to Approve Proposed Strategic Combination with Inter Pipeline at Upcoming Special Meeting
Under the Strategic Combination, Inter Pipeline shareholders will receive 0.5 of a common share of Pembina for each common share of Inter Pipeline. This represents immediate value of
Once completed, the highly complementary asset base is expected to lead to opportunities for significant expansion, customer benefits, material efficiencies and ultimately enhanced value for the combined companies' shareholders. With Pembina and Inter Pipeline shareholders expected to own 72% and 28%, respectively, of the combined company, the significant benefits of the Strategic Combination outlined below will accrue to the shareholders of both companies.
Significant benefits of Pembina's Strategic Combination with Inter Pipeline include:
- Premium valuation for Inter Pipeline shares surfaced through a comprehensive strategic review process overseen by a special committee of the independent directors of Inter Pipeline
- Planned 4.8% increase to Pembina's common share dividend upon closing, with an additional equivalent planned increase upon
Heartland Petrochemical Complexgoing into service in 2022
- Immediate 175% dividend increase for Inter Pipeline shareholders
- Tax-free rollover expected for taxable Canadian Inter Pipeline shareholders More than
$7 billionof potential growth opportunities and related job creation including:
- Newly announced partnerships with First Nations to develop Cedar LNG and to pursue ownership of Trans Mountain Pipeline and Expansion
- Partnering with TC Energy to jointly develop the Alberta Carbon Grid, a world-scale carbon transportation and sequestration system
- Meaningful business synergies
- Ownership of a large-cap, highly liquid security
- Participation in upside of
Heartland Petrochemical Complex
- High degree of regulatory and closing certainty
- Strong and aligned environmental, social and governance priorities
Pembina Special Shareholder Meeting
Pembina shareholders of record as of
At the Special Meeting, Pembina Shareholders will be asked to consider and vote on an ordinary resolution approving the issuance of the Pembina common shares pursuant to the Strategic Combination, the full text of which is set forth in Appendix B of the Joint Circular, which is available today on the Company's website at www.pembina.com and on Pembina's SEDAR profile at www.sedar.com and will be available on Pembina's EDGAR profile at www.sec.gov tomorrow and is being mailed to all persons required to receive a copy under applicable securities laws.
Registered shareholders and duly appointed proxyholders, including beneficial shareholders who have duly appointed themselves as proxyholders, will be able to participate in the meeting, including voting on business properly brought before the meeting. Shareholders can vote by proxy in advance of the meeting as in prior years and online during the meeting. Non-registered shareholders who have not duly appointed themselves as proxyholders may still participate in the meeting as guests. Guests will be able to listen to the meeting but will not be able to vote.
Shareholders are encouraged to vote by proxy deadline in advance of the
YOUR VOTE IS VERY IMPORTANT
REGARDLESS OF THE NUMBER OF SHARES THAT YOU OWN.
For more information, visit PembinaIPL.com. Shareholders with questions or requiring assistance in considering the Strategic Combination, or with the completion and delivery of their proxy, should contact Pembina's proxy solicitation agent,
Pembina is a leading transportation and midstream service provider that has been serving North America's energy industry for more than 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. Pembina also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; and is growing an export terminals business. 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
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 the symbols PPL and PBA, respectively. For more information, visit www.pembina.com.
Forward-Looking Statements and Information
This document contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "expects", "will", "would", "anticipates", "planned", "estimates", "develop", "intends", "potential", "continue", "could", "create", and similar expressions suggesting future events or future performance.
Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this document speak only as of the date of this document.
For additional information on these forward-looking statements, the key assumptions on which such forward-looking statements are based and certain risks that may result in actual future results differing from such forward-looking statements, please refer to "Forward-Looking Statements and Information" in the joint information circular of Pembina and Inter Pipeline filed today, copies of which may be found on Pembina's SEDAR profile at www.sedar.com and on the
View original content to download multimedia:https://www.prnewswire.com/news-releases/pembina-mails-joint-information-circular-urges-shareholders-to-approve-proposed-strategic-combination-with-inter-pipeline-at-upcoming-special-meeting-301325579.html