ANG board recommends acceptance of revised TCPL offer.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Feb. 12, 1996--The board of directors of Alberta Natural Gas Co. Ltd. (ANG ANG In currencies, this is the abbreviation for the NL Antillian Guilder. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) Monday announced that it would be recommending to its shareholders acceptance of the offer by TransCanada Pipelines The TransCanada pipeline is a system of natural gas pipelines, up to 48 inches (1219 millimetres) in diameter, that carries gas through Alberta, Saskatchewan, Manitoba, Ontario and Quebec. It is maintained by TransCanada PipeLines, LP. It is the longest pipeline in Canada. Limited (TCPL) to purchase all of the shares of ANG not already owned by TCPL for $26.25 per share, or the number of TCPL shares equal to $26.25 divided by the TCPL share price. The board's decision was based on the unanimous recommendation by a committee of independent directors who, with the assistance of independent legal and financial advisers, have been evaluating the TCPL proposal announced on Jan. 19. A director's circular is expected to be mailed to all shareholders together with TCPL's offer to purchase on or about Feb. 14. At Monday's board meeting, the board of directors made a decision not to proceed at this time with the declaration of the first-quarter dividend in recognition that the TCPL tender offer is being made. The board did so in reliance on a confirmation made by representatives of TCPL that accepting shareholders of ANG who elect to receive TCPL shares will be eligible for the TCPL dividend expected to be paid on April 30, if the transaction is completed before March 29. ANG is a Calgary-based corporation engaged in specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. and natural-gas gathering, processing, marketing, storage and transportation. ANG's common shares are listed on the Toronto, Montreal, Vancouver and Alberta stock exchanges Alberta Stock Exchange See Canadian Venture Exchange (CDNX). and trade under the symbol ANG. CONTACT: Alberta Natural Gas Co. Ltd., Calgary David M. Dominy, 403/691-7840 Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. A. Stevenson, 403/691-7706 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion