CALGARY, ALBERTA--(Marketwire - Nov. 29, 2007) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
AltaGas Income Trust (AltaGas or the Trust) (TSX:ALA.UN) is pleased to announce that the offer to purchase and the information circular (Offer and Circular) and other related documents associated with the Trust's previously announced offer to acquire all outstanding units of Taylor NGL Limited Partnership (Taylor) have been mailed to Taylor unitholders and are available on SEDAR (www.sedar.com).
Under the Offer, Taylor unitholders will be able to elect to receive $11.20 in cash or 0.42 Trust units per Taylor unit. Eligible taxable, Canadian resident Taylor unitholders will be able to elect to receive AltaGas Holding Limited Partnership No. 1 Class B units (exchangeable units) as a portion of the consideration. The offer consideration is subject to aggregate limits, subject to adjustment, of Cdn $245 million in cash and 8 million Trust units, including up to approximately 1.9 million exchangeable units. The offer to purchase will be open for acceptance until 5:00 p.m. (Calgary time) on January 8, 2008, unless extended or withdrawn. The acquisition will be funded through existing credit facilities.
The Taylor acquisition is an outstanding strategic fit for AltaGas that positions the Trust as a market leader and a diversified Canadian energy infrastructure company. Acquiring Taylor builds on the Trust's existing natural gas and power businesses while presenting substantial opportunities to leverage the AltaGas portfolio of assets further across the energy value chain.
Successful completion of the acquisition is subject to two-thirds of Taylor units, excluding those owned by AltaGas being tendered, as well as customary regulatory approvals.
AltaGas has retained Georgeson as information agent to respond to inquiries from unitholders regarding the transaction. Georgeson may be contacted toll-free at 1-888-605-8412. The Depositary for the Offer is Computershare Investor Services Inc. Inquiries should be directed to 1-800-564-6253 or firstname.lastname@example.org.
AltaGas Income Trust is one of Canada's largest and fastest growing integrated energy infrastructure and services organizations. The Trust creates value by growing and optimizing assets and services across the energy value chain to serve North America's energy demand. Since 1994, AltaGas Income Trust has expanded its business to include natural gas gathering, processing and transmission, extraction of ethane and natural gas liquids, power generation, marketing of natural gas and natural gas liquids, as well as retail energy services to commercial, industrial and institutional end-users across Canada.
AltaGas Income Trust's units are listed on the Toronto Stock Exchange under the symbol ALA.UN. The Trust is included in the S&P/TSX Composite Index, the S&P/TSX Income Trust Index and the S&P/TSX Capped Energy Trust Index.
This news release contains forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Trust or an affiliate of the Trust, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Trust's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Trust's public disclosure documents. Many factors could cause the Trust's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Trust does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.