CALGARY, Jan. 1 /CNW/ - Keyera Corp. (TSX:KEY; KEY.DB; KEY.DB.A) ("Keyera") announced today that it has successfully completed the conversion from an income trust to a corporation pursuant to a Plan of Arrangement approved by unitholders of Keyera Facilities Income Fund (the "Fund") on May 11, 2010. Effective today, Keyera will carry out its business as Keyera Corp.
Units in the Fund have been exchanged for common shares of Keyera Corp. on a one-for-one basis. It is expected that the common shares of Keyera Corp. will begin trading on the Toronto Stock Exchange under the symbol "KEY" on or about Tuesday, January 4, 2011, at which time the Fund's units will be delisted from the Toronto Stock Exchange. Keyera's debentures (KEY.DB and KEY.DB.A), which will now be convertible into common shares of Keyera Corp., will continue to trade using the same symbols.
The conversion to a corporate structure does not result in any change to Keyera's business practices or strategy. The final 'distribution' declared by the Fund in December will be paid on January 17, 2011 to unitholders of record as of December 22, 2010. Future payments to shareholders will be in the form of a monthly dividend, currently expected to remain unchanged at $0.15 per share per month, or $1.80 per share annually.
About Keyera
Keyera Corp. (TSX:KEY; KEY.DB; KEY.DB.A) operates one of the largest natural gas midstream businesses in Canada. Its business consists of natural gas gathering and processing as well as the processing, transportation, storage and marketing of natural gas liquids (NGLs) and crude oil midstream activities.
Keyera's gas processing plants and associated facilities are strategically located in the west central and foothills natural gas production areas of the Western Canada Sedimentary Basin. Its NGL and crude oil infrastructure includes pipelines, terminals and processing and storage facilities in Edmonton and Fort Saskatchewan, Alberta, a major North American NGL hub. Keyera markets propane, butane and condensate to customers in Canada and the United States.
Disclaimer
This document contains forward-looking statements based on management's current expectations and assumptions relating to Keyera's business, the environment in which it operates, anticipated timing and closing of the acquisitions and the future operations and performance of the assets. As these forward-looking statements depend upon future events, actual outcomes may differ materially depending on factors such as: confirmation of satisfaction of TSX requirements; future operating results of Keyera assets; future operating results of Keyera's business segments and the components of those results; Keyera's ability to execute its strategic initiatives; commodity supply/demand balances and prices; activities of producers, competitors, customers, business partners and others; overall economic conditions; access to capital and financing alternatives; operational risks in developing and producing natural gas; and potential delays or changes in plans with respect to development projects or capital expenditures or the results therefrom; the legislative, regulatory and tax environment; and other known or unknown factors. There can be no assurance that the results or developments anticipated by Keyera will be realized or that they will have the expected consequences for or effects on Keyera.
For additional information on these and other factors, see Keyera's public filings on www.sedar.com. Unless otherwise required by applicable laws, Keyera does not intend to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
