CALGARY, Nov. 1, 2018 /PRNewswire/ – Pembina Pipeline Corporation (“Pembina”) (TSX: PPL;NYSE: PBA) appear today that it does not intend to exercise its appropriate to redeem the currently outstanding Accumulative Redeemable Amount Displace Class A Preferred Shares, Series 1 (“Series 1 Shares”) (TSX: PPL.PR.A) on December 1, 2018 (the “Conversion Date”).
As a result, and accountable to assertive agreement of the Series 1 Shares, as declared in the announcement supplement anachronous July 19, 2013 apropos to the arising of the Series 1 Shares, the holders of the Series 1 Shares will accept the appropriate to accept to catechumen all or any of their Series 1 Shares into Accumulative Redeemable Amphibian Amount Class A Preferred Shares, Series 2 of Pembina (“Series 2 Shares”) on the base of one Series 2 Allotment for anniversary Series 1 Allotment on the About-face Date.
With account to any Series 1 Shares that abide outstanding afterwards December 1, 2018, holders thereof will be advantaged to accept anniversary anchored accumulative best banknote dividends, if, as and back declared by the Board of Directors of Pembina. The anniversary allotment amount for the Series 1 Shares for the five-year aeon from and including December 1, 2018 to but excluding December 1, 2023 will be 4.906%, actuality according to the five-year Government of Canada band crop of 2.436% bent as of today added 2.47%, in accordance with the agreement of the Series 1 Shares.
With account to any Series 2 Shares that may be issued on December 1, 2018, holders thereof will be advantaged to accept anniversary amphibian amount accumulative best banknote dividends, if, as and back declared by the Board of Directors of Pembina. The anniversary allotment amount for the 3-month amphibian amount aeon from and including December 1, 2018 but excluding March 1, 2019 will be 4.204%, actuality according to the anniversary amount of absorption for the best contempo bargain of 90-day Government of Canada treasury bills of 1.734% added 2.47%, in accordance with the agreement of the Series 1 Shares (the “Floating Anniversary Allotment Rate”). The Amphibian Anniversary Allotment Amount will be displace every quarter.
As provided in the agreement of the Series 1 Shares: (i) if Pembina determines that there would abide outstanding anon afterward the about-face beneath than 1,000,000 Series 1 Shares, all actual Series 1 Shares will be adapted automatically into Series 2 Shares on a one-for-one base able December 1, 2018; or (ii) if Pembina determines that there would abide outstanding anon afterward the conversion, beneath than 1,000,000 Series 2 Shares, holders of Series 1 Shares will not be advantaged to catechumen their Series 1 Shares into Series 2 Shares on the About-face Date. There are currently 10,000,000 Series 1 Shares outstanding.
The Series 1 Shares are issued in “book access only” anatomy and, as such, the sole registered holder of the Series 1 Shares is the Canadian Depositary for Balance Bound (CDS). All rights of holders of Series 1 Shares charge be acclimatized through CDS or the CDS actor through which the Series 1 Shares are held. The borderline for the registered actor (CDS) to accommodate apprehension of exercise of the appropriate to catechumen Series 1 Shares into Series 2 Shares is 3:00 p.m. (MST) / 5:00 p.m. (EST) on November 16, 2018. Any notices accustomed afterwards this borderline will not be valid. As such, holders of Series 1 Shares who ambition to exercise their appropriate to catechumen their Series 1 Shares into Series 2 Shares should acquaintance their agent or added agent for added advice and it is recommended that this be done able-bodied in beforehand of the borderline in adjustment to accommodate the agent or added agent with the time to complete the all-important steps.
If Pembina does not accept an acclamation apprehension from CDS during the time anchored therefor, afresh the Series 1 Shares shall be accounted not to accept been adapted (except in the case of an automated conversion). Holders of Series 1 Shares and Series 2 Shares will accept an befalling to catechumen their shares afresh on December 1, 2023, and every bristles years thereafter as continued as the shares abide outstanding.
As ahead announced, the allotment payable on December 3, 2018 to shareholders of almanac on November 1, 2018 will be $0.265625 per Series 1 share, constant with the allotment amount in aftereffect back arising on July 26, 2013.
For added advice on the agreement of, and risks associated with an advance in, the Series 1 Shares and the Series 2 Shares, amuse see Pembina’s announcement supplement anachronous July 19, 2013, which can be begin at www.sedar.com.
Calgary-based Pembina Pipeline Corporation is a arch busline and midstream account provider that has been confined North America’s activity industry for over 60 years. Pembina owns an chip arrangement of pipelines that carriage assorted hydrocarbon liquids and accustomed gas articles produced primarily in western Canada. The Company additionally owns gas acquisition and processing accessories and an oil and accustomed gas liquids basement and acumen business. Pembina’s chip assets and bartering operations forth the majority of the hydrocarbon amount alternation acquiesce it to action a abounding spectrum of midstream and business casework to the activity sector. Pembina is committed to anecdotic added opportunities to affix hydrocarbon assembly to new appeal locations through the development of basement that would extend Pembina’s account alms alike added forth the hydrocarbon amount chain. These new developments will accord to ensuring that hydrocarbons produced in the Western Canada Sedimentary Basin and the added basins area Pembina operates can adeptness the accomplished amount markets throughout the world.
Pembina strives to accommodate sustainable, industry-leading absolute allotment for our investors; reliable and value-added casework for our customers; a net absolute appulse to communities; and a safe, respectful, collaborative and fair assignment adeptness for our employees.
Pembina’s action is to:
Pembina is structured into three Divisions: Pipelines Division, Accessories Division and Business & New Ventures Division.
Pembina’s accepted shares barter on the Toronto and New York banal exchanges beneath PPL and PBA, respectively. For added information, appointment www.pembina.com.
Forward-Looking Statements & Information
This certificate contains assertive advanced statements and advice (collectively, “forward-looking statements”) aural the acceptation of the “safe harbor” accoutrement of applicative balance legislation that are based on Pembina’s accepted expectations, estimates, projections and assumptions in ablaze of its acquaintance and its acumen of actual trends. In some cases, advanced statements can be articular by analogue such as “intend”, “will”, “shall”, and agnate expressions suggesting approaching contest or approaching performance.
In particular, this account absolution contains advanced statements and advice apropos to the about-face rights, approaching allotment ante and acquittal agreement for the Series 1 Shares and the Series 2 Shares. These advanced statements and advice are actuality fabricated by Pembina based on assertive assumptions that Pembina has fabricated in account thereof as at the date of this document, including: prevailing article prices, margins and barter rates, that Pembina’s businesses will abide to accomplish acceptable banking after-effects and that approaching after-effects of operations will be constant with accomplished achievement and administration expectations in affiliation thereto, the availability and sources of capital, operating costs, advancing appliance and approaching expansions, the adeptness to adeptness appropriate bartering agreements, and the adeptness to access appropriate authoritative approvals. . These advanced statements are not guarantees of approaching achievement and are accountable to a cardinal of accepted and alien risks and uncertainties, including, but not bound to: non-performance of agreements in accordance with their terms; the appulse of aggressive entities and pricing; assurance on key industry partners, alliances and agreements; the backbone and operations of the oil and accustomed gas assembly industry and accompanying article prices; the assiduity or achievement of third-party projects; authoritative ambiance and disability to access appropriate authoritative approvals; tax laws and treatment; fluctuations in operating results; the adeptness of Pembina to accession acceptable basic to complete approaching projects and amuse approaching commitments; architecture delays; labour and actual shortages; and assertive added risks abundant from time to time in Pembina’s accessible acknowledgment abstracts including, amid added things, those abundant beneath the branch “Risk Factors” in Pembina’s management’s altercation and assay and anniversary advice anatomy for the year concluded December 31, 2017, which can be begin at www.sedar.com.
Accordingly, readers are cautioned that contest or affairs could account after-effects to alter materially from those predicted, forecasted or projected. Such advanced statements are especially able by the aloft statements. Pembina does not undertake any obligation to about amend or alter any advanced statements or advice independent herein, except as appropriate by applicative laws.
SOURCE Pembina Pipeline Corporation
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