Veresen Announces 2014 Guidance and Common Share Dividend for December 2013
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CALGARY, Dec. 9, 2013 /CNW/ - Veresen Inc. ("Veresen" or "the Company") (TSX:
VSN) today announced guidance for 2014 and declared a cash dividend for
Veresen is forecasting distributable cash in the range of $0.93 to $1.25 per
Common Share for 2014. Based on a forecast aggregate dividend payout of $1.00
per Share for 2014, the corresponding range of the payout ratio will be 80
percent to 107 percent.
"Our 2014 guidance reflects our confidence in the continued strong operating
performance of our core assets and a gradual improvement in natural gas
liquids margins over the course of 2014," said Don Althoff, President and CEO
"In 2014, our primary efforts will be devoted to the recontracting of the
Alliance Pipeline, supporting our Jordan Cove LNG Project through the
regulatory process with the U.S. Department of Energy and the Federal Energy
Regulatory Commission, and expanding our Midstream footprint in the Western
Canadian Sedimentary Basin. In addition, with recent additions to our
leadership team in 2013, Veresen is well-positioned to support an acceleration
of organic growth projects which align with our core businesses and would, in
turn, generate steady earnings and cash flow to further underpin our dividend."
For 2013, Veresen maintains its previously announced guidance for
distributable cash of $1.06 to $1.16 per Common Share, with a midpoint of
$1.11 per Common Share. Further details concerning 2013 and 2014 guidance can
be found in the Invest section of Veresen's website at www.vereseninc.com.
December Cash Dividend
The Board of Directors of Veresen declared a cash dividend of $0.0833 per
common share. The dividend will be paid on January 23, 2014 to shareholders of
record at the close of business on December 31, 2013. 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 under the dividend reinvestment component of the
Premium Dividend™ and Dividend Reinvestment Plan of Veresen ("Plan") to be
held for their account under the Plan. No portion of this dividend will be
eligible for a premium cash payment under the Premium Dividend™ component of
Registered shareholders of Veresen who have not previously enrolled in the
Plan and wish to enroll in the Plan with respect to the December 2013 cash
dividend and future cash dividends declared by Veresen, 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 (ET) on Tuesday, December 24, 2012. 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's website at www.vereseninc.com.
Beneficial shareholders of Veresen who have not previously enrolled in the
Plan and wish to participate in the Plan with respect to the December 2013
cash dividend and future cash dividends declared by Veresen, 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.
About Veresen Inc.
Veresen is a publicly-traded, dividend paying corporation based in Calgary,
Alberta that owns and operates energy infrastructure assets across North
America. Veresen 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 ownership interests in a world-class natural gas
liquids extraction facility near Chicago, the Hythe/Steeprock gas gathering
and processing complex, and other natural gas and NGL processing energy
infrastructure; and a power business focused on gas-fired, renewable and
district energy facilities. Veresen is also actively developing a number of
greenfield projects and regularly evaluates and pursues acquisition and
Veresen's common shares, Series A preferred shares, Series C preferred 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",
"VSN.PR.A", "VSN.PR.C" and VSN.DB.C", respectively. For further information,
please visit www.vereseninc.com.
™ denotes trademark of Canaccord Genuity Corp.
SOURCE Veresen Inc.
Dorreen Miller, Director Investor Relations Phone: (403) 213-3633
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CO: Veresen Inc.
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-0- Dec/09/2013 13:15 GMT
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