Court Approval Received; Closing Expected on
At the special meeting of Voting Shareholders, a total of 20,983,799 restricted voting shares and 81,353,820 special voting shares were voted in person and by proxy, representing 88.00 percent of KML's issued and outstanding Voting Shares. The Arrangement was approved by 99.99 percent of the votes cast by Voting Shareholders, voting together as a single class, and 99.93 percent of the votes cast by holders of restricted voting shares. Both a majority of not less than two-thirds of the votes cast by Voting Shareholders and a majority of votes cast by holders of restricted voting shares were required to approve the Arrangement.
At the special meeting of Preferred Shareholders, a total of 10,410,391 Preferred Shares were voted in person and by proxy, representing 47.32 percent of KML's issued and outstanding Preferred Shares. The Arrangement was approved by 76.36 percent of the votes cast by the Preferred Shareholders, voting together as a single class. A majority of not less than two-thirds of the votes cast by Preferred Shareholders was required in order for Preferred Shareholders to participate in the Arrangement.
Also today, the Company received the final order from the
About
This news release includes "forward-looking information," and "forward-looking statements" within the meaning of applicable securities laws (forward-looking statements). Generally the words "expects," "believes," "anticipates," "will," "shall," and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include statements, express or implied, concerning, without limitation: the proposed Arrangement, including the expected closing date and the ability of KML and Pembina to satisfy remaining conditions to closing of the Arrangement. Forward-looking statements are not guarantees of performance. They involve significant risks, uncertainties and assumptions. Any forward-looking statements provided in this news release have been included for the purpose of providing information relating to management's current expectations and plans for the future, are based on a number of significant assumptions and may not be appropriate, and should not be used, for any other purpose. Future actions, conditions or events may differ materially from those expressed in forward-looking statements. Many of the factors that will determine the successful closing of the Arrangement are beyond the ability of KML to control or predict. As noted above, the forward-looking statements in this news release are based on a number of material assumptions, including among others those discussed in this news release or inherent in the factors highlighted below. Among other things, specific factors that could cause actual results to differ from those indicated in the forward-looking statements provided in this news release include, without limitation: the ability of the parties to satisfy, in a timely manner, the other conditions to closing of the transactions, including the concurrent closing of the sale of the
The foregoing list should not be construed to be exhaustive. In addition to the foregoing, important additional information respecting the material assumptions, expectations and risks applicable to forward-looking statements included in this news release are set out in KML's press release dated
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