NEWS
For Immediate Release
Keyera Completes Corporate Conversion Calgary, January 1, 2011 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.
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.
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.
For further information about Keyera, please visit our
website at www.keyera.comor
contact:
John Cobb, Director, Investor Relations
E-mail: ir@keyera.com, Telephone: (403) 205-7670 / Toll Free: (888) 699-4853, Facsimile: (403)
205-8425.
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