Press release from CNW Group
VERESEN INC. ANNOUNCES DIVIDEND FOR APRIL 2011 AND CORPORATE GOVERNANCE UPDATE
Thursday, April 14, 2011
VERESEN INC. ANNOUNCES DIVIDEND FOR APRIL 2011 AND CORPORATE GOVERNANCE UPDATE15:00 EDT Thursday, April 14, 2011Trading Symbol: VSNExchange: TSXCALGARY, April 14 /CNW/ -Veresen Inc. announced today that its Board of Directors has declared a cash dividend for April 2011 of $0.0833 per share. The dividend will be paid on May 20, 2011 to shareholders of record at the close of business on April 29, 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 April 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 www.computershare.com/investorcentrecanada, at or before 5:00 pm (Toronto time) on Thursday, April 21, 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 www.vereseninc.com.Beneficial shareholders of Veresen Inc. who have not previously enrolled in the Plan and wish to participate in the Plan with respect to the April 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.Corporate Governance UpdateVeresen Inc. also announced today that its Board of Directors has determined to commit to individual director elections starting with the annual meeting of shareholders in 2012. This will permit shareholders to vote for each director nominee individually rather than for an entire slate of director nominees.Stephen White, President and CEO, commented, "Our Board of Directors and management recognize that corporate governance is evolving and effective governance is central to our prudent direction and operation and ultimately enhances shareholder value. We believe that the change to individual director elections is in the best interests of our company and our shareholders. It underscores the commitment by our Board to exemplary corporate governance principles and is consistent with current best practice standards in Canada."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.For further information: Stephen H. White President and C.E.O. Veresen Inc. Livingston Place Suite 440, 222 - 3rd Avenue S.W. Calgary, AB T2P 0B4 Phone: (403) 296-0140; Fax: (403) 213-3648 www.vereseninc.com Richard Weech Senior Vice President, Finance and C.F.O.