Pembina revises proposed by-laws
CALGARY, April 29 /CNW/ - Pembina Pipeline Income Fund (TSX: PIF.UN, PIF.DB.B), announced today that it will make further revisions to the by-laws of Pembina Pipeline Corporation in addition to the by-law amendments described in the Fund's Information Circular and Proxy Statement dated April 1, 2010. All such by-law amendments will be subject to approval by the Fund's Unitholders at the Annual General and Special Meeting to be held on May 7, 2010 and are intended to facilitate the transition of Pembina Pipeline Corporation to a public entity following completion of the previously announced conversion of the Fund into a corporation.
Having considered the request of RiskMetrics Group to make certain non-material amendments, the Fund has agreed to:
- Remove the casting vote provided to the Chief Executive Officer and President in the event of an equality of votes on any question decided by Pembina Pipeline Corporation's board of directors; and - Modify the quorum requirement applicable to meetings of Pembina Pipeline Corporation's shareholders by requiring that for quorum purposes not less than two persons be present in person, each being a shareholder or duly appointed proxyholder, and together holding or representing by proxy not less than 25% of the outstanding shares of Pembina Pipeline Corporation entitled to vote at the meeting.
With these amendments, it is the Fund's understanding that RiskMetrics will issue an updated alert whereby they will recommend voting FOR the resolution to confirm, approve and authorize certain amendments made to the by-laws of Pembina Pipeline Corporation, as more particularly described in the Fund's Information Circular and Proxy Statement dated April 1, 2010. (Item 3)
Pembina Pipeline Corporation, a wholly-owned subsidiary of the Pembina Pipeline Income Fund, transports crude oil and natural gas liquids produced in Western Canada, owns and operates oil sands pipelines and has a growing presence in midstream and gas services.
For further information: Jim Watkinson, Vice President, General Counsel and Secretary, (403) 231-7500 or toll free at 1-888-428-3222, firstname.lastname@example.org