August 11, 2010 - Press releases
Sophie Brochu, President and Chief Executive Officer of Gaz Métro, explains to media and unitholders Gaz Métro’s new proposed structure as well as its numerous advantages.
Montreal, Auguste 11, 2010 – Following the recent announcement of the strategic corporate reorganization in response to the federal government’s Tax Fairness Plan, Gaz Métro Limited Partnership (Gaz Métro) (TSX: GZM.UN) reveals the name and logo of the new company that will hold the public investors’ interest: Valener Inc., represents the combination of the words “value” and “energy”.
Over the years, Gaz Métro’s objective has always been to create value for its two main groups of unitholders, namely Gaz Métro inc. and the public unitholders. Gaz Métro is enthusiastic about the idea of pursuing this objective with the transformation of its public ownership structure into a new dividend-paying public corporation, Valener Inc.
This proposed reorganization, which is the product of a diligent process, represents the most attractive solution because it optimizes payout, maintains stability and provides growth opportunities for public investors.
View the complete video of Sophie Brochu explaining Gaz Métro’s new proposed structure.
An information circular dated July 28, 2010 was mailed to unitholders of record at the close of business on July 23, 2010. The circular was accompanied by a proxy or voting form for the extraordinary unitholders’ meeting. Information about this reorganization is accessible on Gaz Métro’s Web site (www.gazmetro.com/investors) or on SEDAR at www.sedar.com. The reorganization is expected to be completed around September 30, 2010.
Extraordinary Unitholders’ Meeting
An extraordinary unitholders’ meeting is scheduled on September 14, 2010, 2 pm, at the Le Windsor building, in Montreal (Québec).
With over $3.6 billion in assets, Gaz Métro is Quebec’s leading natural gas distributor. Operating in this regulated industry for over 50 years, Gaz Métro has become the trusted energy provider to some 180,000 customers in Quebec and 136,000 customers in Vermont while developing the skills and expertise needed to diversify beyond natural gas. Gaz Métro’s prudent growth strategy has been marked by the successful entry into electricity distribution in Vermont and development of wind power projects in Quebec. Offering historically strong and stable distributions and showing a competitive spirit, Gaz Métro is committed to its customers, Partners, employees and the community. Gaz Métro’s units are listed on the Toronto Stock Exchange under the symbol GZM.UN. www.gazmetro.com
Additional information / Forward-looking statements:
Additional information concerning the proposed reorganization is available in Gaz Métro’s press release dated June 22, 2010 announcing the reorganization, in the investor presentation describing the reorganization and in the information circular dated July 28, 2010, which are available on Gaz Métro’s Web site (www.gazmetro.com/investors). This press release contains forward-looking statements. By their nature, these statements rely on certain assumptions and expectations about the future. There can be no assurance that actual results will be consistent with these forward-looking statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Please refer to the “Cautionary note regarding forward-looking statements” in the press release, investor presentation and information circular referenced above for a description of the factors, risks and assumptions that are relevant to these forward-looking statements.
For more information:
T 514 598-3449
Pictures, videos (B-Roll) and company logos available to media in the Multimedia Library.