CALGARY – 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. Kingsdale Advisors can assist shareholders with voting their shares and may be contacted toll-free at 1-866-581-0506 or by collect call outside of North America at 416-867-2272 or by email at firstname.lastname@example.org.
About Kinder Morgan Canada Limited (TSX: KML). KML manages and is the holder of an approximately 30 percent minority interest in a portfolio of strategic energy infrastructure assets across western Canada. Kinder Morgan, Inc. (NYSE: KMI) holds an approximately 70 percent majority voting interest in KML and a corresponding 70 percent economic interest in KML’s business and assets. KML focuses on stable, fee-based energy transportation and storage assets that are central to the energy infrastructure of Western Canada. We strive to promote shareholder value by increasing utilization of our existing assets while controlling costs and operating in a safe and environmentally responsible way. For more information visit kindermorgancanadalimited.com.