HOUSTON, April 24 /PRNewswire-FirstCall/ -- Spectra Energy today announced that Spectra Energy Income Fund's ("the Fund") unitholders have voted in favor of the special resolution approving the proposed acquisition of all the outstanding units of the Fund by Westcoast Energy Inc. ("WEI"), a wholly-owned subsidiary of Spectra Energy.
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At a special meeting of unitholders held today, the proposed acquisition was approved by more than two-thirds of the votes cast by the Fund's unitholders of record on March 17, 2008, as required by the Fund's Trust Indenture, and by more than a majority of the votes cast by the Fund's unitholders (other than WEI and its related parties), as required under applicable securities laws.
The transaction is expected to close on May 1, 2008.
Spectra Energy Corp is one of North America's premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage and distribution. For close to a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related energy infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 18,000 miles of transmission pipeline, 265 billion cubic feet of storage, natural gas gathering and processing, natural gas liquids operations and local distribution assets. Spectra Energy Corp also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Visit http://www.spectraenergy.com/ for more information.
Forward-Looking Statements:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events. This release includes forward-looking statements concerning the outcome of pending transactions and the impact from such transactions on our results of operations. Such statements are subject to risks, uncertainties and other factors, many of which are outside our control and could cause actual results to differ materially from the results expressed or implied by those forward- looking statements, including the timing and receipt of required unitholder and regulatory approvals. Other factors that could affect our forward-looking statements, are described in our Form 10-K, filed with the Securities and Exchange Commission, and other filings that we make with the SEC, which are available at the SEC's website at http://www.sec.gov/. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise
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