November 6, 2018 - 8:45 PM EST
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Enbridge Income Fund Holdings Inc. Announces Shareholder and Court Approval of Plan of Arrangement with Enbridge Inc.

Canada NewsWire

CALGARY, Nov. 6, 2018 /CNW/ - Enbridge Income Fund Holdings Inc. (ENF or the Company) (TSX: ENF) announced today that ENF shareholders overwhelmingly approved the previously announced plan of arrangement (the Arrangement) with Enbridge Inc. (Enbridge) (TSX, NYSE: ENB) at a Special Meeting of ENF Shareholders held today (the Meeting).

Pursuant to the Arrangement, Enbridge will acquire all of ENF's outstanding common shares (ENF Shares) not currently owned by Enbridge, resulting in ENF becoming a wholly-owned subsidiary of Enbridge. Each ENF Share (other than those owned by Enbridge) will be exchanged for 0.7350 of an Enbridge common share and cash of $0.45 per ENF Share.

Following the Meeting, ENF also received the final approval of the Court of Queen's Bench of Alberta with respect to the Arrangement. Assuming the satisfaction of other customary closing conditions, the Arrangement is expected to close on November 8, 2018, after which the ENF Shares will be delisted from the Toronto Stock Exchange (TSX).

Voting Results

A total of 106,223,906 ENF Shares (representing approximately 60% of ENF Shares as of the record date for the Meeting) were represented in person or by proxy at the Meeting. Approximately 99% of the votes were cast in favour of the Arrangement Resolution as summarized below.


Votes For

Votes Against


#

%

#

%

Includes shares voted by Enbridge (1)

105,487,250

99.31

736,656

0.69

Excludes shares voted by Enbridge(2)

70,285,506

98.96

736,656

1.04

(1)

Includes an aggregate of 35,201,744 shares voted by Enbridge, its affiliates and certain other related parties as provided in multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101")

(2)

Excludes an aggregate of 35,201,744 shares voted by Enbridge, its affiliates and certain other related parties as provided in MI 61-101

 

A report of voting results will be made available on SEDAR at www.sedar.com.

FORWARD-LOOKING INFORMATION
Forward-looking information, or forward-looking statements, have been included in this news release to provide information about the Company, including statements with respect to: expectations regarding the Arrangement, the anticipated closing date of the Arrangement and the delisting of the ENF Shares. Although the Company believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the expected closing and timing of the Arrangement and the receipt of consents and approvals with respect to the Arrangement, including the TSX.

The Company's forward-looking statements are subject to risks and uncertainties pertaining to the Arrangement and the closing thereof. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and the Company's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by these cautionary statements.

ABOUT ENBRIDGE INCOME FUND HOLDINGS INC.
Enbridge Income Fund Holdings Inc., through its investment in Enbridge Income Fund (the Fund), indirectly holds high quality, low risk energy infrastructure assets. The Fund's assets consist of a portfolio of Canadian liquids transportation and storage businesses, including the Canadian Mainline, the Regional Oil Sands System, the Canadian segment of the Southern Lights Pipeline, Class A units entitling the holder to receive defined cash flows from the United States segment of the Southern Lights Pipeline, a 50 percent interest in the Alliance Pipeline, which transports natural gas from Canada to the United States, and interests in more than 1,400 megawatts of renewable and alternative power generation assets. Enbridge Income Fund Holdings Inc. is a publicly traded corporation on the Toronto Stock Exchange under the symbol ENF; information about the Company is available on the Company's website at www.enbridgeincomefund.com.

None of the information contained in, or connected to, the Company's website is incorporated in or otherwise forms part of this news release.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media

Jesse Semko
Toll Free: (888) 992-0997
Email: [email protected]

Investment Community
Nafeesa Kassam
Toll Free: (800) 481-2804
Email: [email protected]

SOURCE Enbridge Income Fund Holdings Inc.

View original content: http://www.newswire.ca/en/releases/archive/November2018/06/c7465.html

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Source: Canada Newswire (November 6, 2018 - 8:45 PM EST)

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