The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

FORT CHICAGO ENERGY PARTNERS L.P. ANNOUNCES TAKE-UP OF ADDITIONAL SHARES OF SWIFT POWER CORP. AND EXPIRY OF OFFER

Tuesday, August 24, 2010

FORT CHICAGO ENERGY PARTNERS L.P. ANNOUNCES TAKE-UP OF ADDITIONAL SHARES OF SWIFT POWER CORP. AND EXPIRY OF OFFER17:16 EDT Tuesday, August 24, 2010/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./Trading Symbol: FCE.UNExchange: TSXCALGARY, Aug. 24 /CNW/ - Fort Chicago Energy Partners L.P. ("Fort Chicago") is pleased to announce that as of 4:30 p.m. (Calgary time) on August 23, 2010, an additional 580,819 common shares ("Common Shares") of Swift Power Corp. ("Swift") had been validly deposited pursuant to the previously announced take-over bid dated July 2, 2010 (the "Offer") of Fort Chicago Pipelines (Canada) Ltd. (the "Offeror"), an indirect wholly-owned subsidiary of Fort Chicago, to acquire all of the issued and outstanding Common Shares as well as Common Shares issuable upon exercise of outstanding options. The Offer has now expired.The Offeror has taken-up all of the deposited Common Shares which, together with the 26,540,920 Common Shares beneficially owned by the Offeror, represent approximately 97.6% of the Common Shares outstanding on a fully-diluted basis. Swift shareholders whose Common Shares have been taken up will receive a payment in the amount of $0.35 per deposited Common Share.The Offeror has mailed a notice of compulsory acquisition under the Business Corporations Act (British Columbia) to acquire the remaining Common Shares not tendered to the Offer. The Offeror intends to cause the Common Shares to be de-listed from the TSX Venture Exchange and cause Swift to cease to be a reporting issuer under applicable securities laws as soon as possible.Fort ChicagoFort Chicago is a publicly traded limited partnership based in Calgary, Alberta, that owns and operates energy infrastructure assets across North America. Its Class A Units are listed on the TSX under the symbol FCE.UN and its convertible unsecured subordinated debentures, Series B and the Series C Debentures are listed on the TSX under the symbols FCE.DB.B and FCE.DB.C, respectively. Fort Chicago is engaged in three principal businesses: a pipeline transportation business comprised of interests in two pipeline systems, the Alliance Pipeline and the Alberta Ethane Gathering System; an NGL extraction business which includes an interest in a world-class extraction facility near Chicago; and a power business with power facilities in Ontario, New York, Colorado and California, district energy systems in Ontario and Prince Edward Island, and waste heat power facilities along the Alliance Pipeline. Fort Chicago and each of its pipeline, NGL extraction and power businesses are also actively developing a number of greenfield investment opportunities that will be a key source of future growth. In the normal course of its business, Fort Chicago and each of its businesses regularly evaluate and pursue acquisition and development opportunities. << Class A Unit Ownership Restrictions >> Fort Chicago is organized in accordance with the terms and conditions of a limited partnership agreement which provides that no Class A Units may be held by or transferred to, among other things, a person who is a "non-resident" of Canada, a person in which an interest would be a "tax shelter investment" or a partnership which is not a "Canadian partnership" for purposes of the Income Tax Act (Canada). This restriction will not apply to the securities of Fort Chicago following the conversion of Fort Chicago into a corporation.Certain information contained herein relating to, but not limited to, Fort Chicago and its businesses constitutes forward-looking information under applicable securities laws. All statements, other than statements of historical fact, which address activities, events or developments that Fort Chicago expects or anticipates may or will occur in the future, are forward-looking information. Forward-looking information typically contains statements with words such as "may", "estimate", "anticipate", "believe", "expect", "plan", "intend", "target", "project", "forecast" or similar words suggesting future outcomes or outlook. Forward-looking statements in this news release include, but are not limited to, the anticipated delisting of the Common Shares of Swift, the cessation of Swift's reporting obligations under applicable securities legislation and the development of greenfield investment opportunities. The risks and uncertainties that may affect the outcome of such forward-looking statements include, but are not limited to, Fort Chicago's ability to successfully obtain regulatory and stock exchange approvals. Readers are also cautioned that the forgoing list of factors and risks is not exhaustive. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these factors are independent and management's future course of action would depend on its assessment of all information at that time.Although Fort Chicago believes that the expectations conveyed by the forward-looking information are reasonable based on information available on the date of preparation, no assurances can be given as to future results, levels of activity and achievements. Undue reliance should not be placed on the information contained herein, as actual result achieved will vary from the information provided herein and the variations may be material. Fort Chicago makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking information. Furthermore, the forward-looking statements contained herein are made as of the date hereof, and Fort Chicago does not undertake any obligation to update publicly or to revise any forward-looking information, whether as a result of new information, future events or otherwise. Any forward-looking information contained herein is expressly qualified by this cautionary statement.For further information: Stephen H. White, President and C.E.O.; David I. Holm, Executive Vice President, Corporate and Business Development; Richard Weech, Vice President, Finance and C.F.O.; Fort Chicago Energy Partners L.P., Livingston Place, Suite 440, 222 - 3rd Avenue S.W., Calgary, AB, T2P 0B4, Phone: (403) 296-0140, Fax: (403) 213-3648, www.fortchicago.com