The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group


Tuesday, March 22, 2011

VERESEN INC. ANNOUNCES EXECUTIVE APPOINTMENT AND DIVIDEND FOR MARCH 201114:23 EDT Tuesday, March 22, 2011/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICESOR FOR DISSEMINATION IN THE UNITED STATES./Trading Symbol:  VSNExchange:  TSXCALGARY, March 22 /CNW/ - Veresen Inc. announced today that on April 4, 2011 Keith O'Regan will be joining Veresen Inc. as Senior Vice President, Chief Operating Officer.  Mr. O'Regan will be responsible for overseeing all of Veresen's operating activities, which primarily involves the operation of the power business but will also include the operations of the Alberta Ethane Gathering System.  Mr. O'Regan is a Professional Engineer who has an accomplished background leading business operations in a variety of businesses and industries.  Most recently, Mr. O'Regan served as Executive Vice President & Chief Operating Officer of Canadian Hydro Developers, Inc., a Calgary-based renewable power development company.  Mr. Stephen White, President and CEO of Veresen Inc. commented "We are very pleased to have Keith O'Regan join our executive team.  Keith brings to us a wealth of experience that we will be of great assistance to us in operating and building our company, and our power business in particular."Veresen Inc. also announced its board of directors has declared a cash dividend for March 2011 of $0.0833 per share.  The dividend will be paid on April 21, 2011 to shareholders of record at the close of business on March 31, 2011. This dividend is designated an "eligible dividend" for Canadian income tax purposes.The dividend is eligible to be reinvested by shareholders, at a 5% discount, in common shares of Veresen Inc. ("Common Shares") under the dividend reinvestment component of the Premium Dividend™ and Dividend Reinvestment Plan of Veresen Inc. ("Plan") to be held for their account under the Plan, or such shareholders may have these additional Common Shares delivered to a designated plan broker in exchange for a premium cash payment equal to 102% of the reinvested amount under the Premium Dividend™ component of the Plan.Registered shareholders of Veresen Inc. who have not previously enrolled in the Plan and wish to enroll in the Plan with respect to the March 2011 cash dividend and future cash dividends declared by Veresen Inc., must deliver to Computershare Trust Company of Canada, as Plan Agent, a completed enrollment form which is available at, on or before 5:00 pm (Toronto time) on Thursday, March 24, 2011.  A copy of the enrollment form may also be obtained by calling Computershare Trust Company of Canada at 1-800-564-6253, or from Veresen Inc.'s website at shareholders of Veresen Inc. who have not previously enrolled in the Plan and wish to participate in the Plan with respect to the March 2011 cash dividend and future cash dividends declared by Veresen Inc., should contact their broker, investment dealer, financial institution or other nominee to provide appropriate enrollment instructions and to ensure any deadlines or other requirements that such nominee may impose or be subject to are met.Veresen Inc.Veresen Inc. is a publicly traded dividend paying corporation based in Calgary, Alberta, that owns and operates energy infrastructure assets across North America.  Its common shares and 5.75% convertible unsecured subordinated debentures, Series C due July 31, 2017 are listed on the Toronto Stock Exchange under the symbols "VSN" and "VSN.DB.C", respectively.  Veresen Inc. 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; a midstream business which includes an interest in a world-class extraction facility near Chicago; and a power business with renewable and gas-fired facilities and development projects in Canada and the United States, and district energy systems in Ontario and Prince Edward Island.  Veresen Inc. and each of its pipeline, midstream and power businesses are also actively developing a number of greenfield investment opportunities.  In the normal course of its business, Veresen Inc. and each of its businesses regularly evaluate and pursue acquisition and development opportunities.™   denotes trademark of Canaccord Genuity Corp.For further information: Stephen H. White  Richard Weech President and C.E.O.  Vice President, Finance and C.F.O.   Veresen Inc. Livingston Place Suite 440, 222 - 3rd Avenue S.W. Calgary, AB  T2P 0B4 Phone:  (403) 296-0140;  Fax:  (403) 213-3648