CALGARY, Nov. 6, 2018 /CNW/ – Enbridge Income Fund Holdings Inc. (ENF or the Company) (TSX: ENF) announced today that ENF shareholders overwhelmingly approved the previously announced plan of arrangement (the Arrangement) with Enbridge Inc. (Enbridge) (TSX, NYSE: ENB) at a Special Meeting of ENF Shareholders held today (the Meeting).
Pursuant to the Arrangement, Enbridge will acquire all of ENF’s outstanding common shares (ENF Shares) not currently owned by Enbridge, resulting in ENF becoming a wholly-owned subsidiary of Enbridge. Each ENF Share (other than those owned by Enbridge) will be exchanged for 0.7350 of an Enbridge common share and cash of $0.45 per ENF Share.
Following the Meeting, ENF also received the final approval of the Court of Queen’s Bench of Alberta with respect to the Arrangement. Assuming the satisfaction of other customary closing conditions, the Arrangement is expected to close on November 8, 2018, after which the ENF Shares will be delisted from the Toronto Stock Exchange (TSX).
Voting Results
A total of 106,223,906 ENF Shares (representing approximately 60% of ENF Shares as of the record date for the Meeting) were represented in person or by proxy at the Meeting. Approximately 99% of the votes were cast in favour of the Arrangement Resolution as summarized below.
Votes For |
Votes Against |
|||
# |
% |
# |
% |
|
Includes shares voted by Enbridge (1) |
105,487,250 |
99.31 |
736,656 |
0.69 |
Excludes shares voted by Enbridge(2) |
70,285,506 |
98.96 |
736,656 |
1.04 |
(1) |
Includes an aggregate of 35,201,744 shares voted by Enbridge, its affiliates and certain other related parties as provided in multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) |
(2) |
Excludes an aggregate of 35,201,744 shares voted by Enbridge, its affiliates and certain other related parties as provided in MI 61-101 |
A report of voting results will be made available on SEDAR at www.sedar.com.