CALGARY, ALBERTA--(CCNMatthews - March 1, 2005) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced that its Board of Directors will recommend that shareholders approve a two-for-one stock split at the Company's Annual and Special Meeting of Shareholders on May 5, 2005. In addition to shareholder approval, the stock split is subject to required regulatory approvals. Upon completion of the stock split, the number of outstanding shares would double from approximately 174 million to 348 million. Enbridge's last stock split occurred in May 1999.
"This proposed stock split reflects the Board's and Management's continued confidence in Enbridge's business fundamentals," said Enbridge President & Chief Executive Officer Patrick D. Daniel. "Enbridge shares would be more accessible to retail shareholders, which should broaden Enbridge's shareholder base and enhance liquidity and trading of our common shares."
If approved by shareholders on May 5, 2005, and subject to regulatory approvals, the record date for the stock split is expected to be May 20, 2005. As of that date, each shareholder of record would receive one additional common share for each common share he or she holds. Subject to the preceding approvals and pursuant to the rules of the Toronto Stock Exchange, Enbridge's common shares would commence trading on a divided basis at the opening of business on or about May 18, 2005, which is the second trading day preceding the record date. Subject to similar approvals, the trading of the common shares on a divided basis on the New York Stock Exchange would occur on or about May 18 as well.
Enbridge will announce the results of the shareholder vote in respect of the proposed stock split on May 5, following the meeting and vote. If approved, it is anticipated that new Enbridge stock certificates would
be mailed approximately May 27, 2005.
Enbridge Inc. is a leader in energy transportation and distribution in North America and internationally. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has international operations and a growing involvement in the natural gas transmission and midstream businesses. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge employs approximately 4,000 people, primarily in Canada, the U.S. and South America. Enbridge's common shares trade on the Toronto Stock Exchange in Canada and on the New York Stock Exchange in the U.S. under the symbol ENB. Information about Enbridge is available on the Company's web site at www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
For more information please contact:
Enbridge Inc.
Jim Rennie
Media
(403) 231-3931
Email: jim.rennie@enbridge.com
or
Enbridge Inc.
Colin Gruending
Investment Community
(403) 231-5919
Email: colin.gruending@enbridge.com
Website: www.enbridge.com