Exhibit 99.1
NEWS RELEASE
Enbridge Inc. and Enbridge Income Fund Holdings Inc. Complete Plan of Arrangement
CALGARY, Alberta, November 8, 2018 – Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge) and Enbridge Income Fund Holdings Inc. (TSX: ENF) (ENF or the Company) today completed the previously announced plan of arrangement (the Arrangement). The Arrangement involved the acquisition by Enbridge of all of the issued and outstanding ENF shares not already owned by Enbridge, resulting in ENF becoming a wholly-owned subsidiary of Enbridge.
Effective today, ENF shareholders are entitled to receive, for each ENF share held, 0.7350 of a common share of Enbridge and a cash payment of $0.45. In addition, each ENF shareholder who continues to hold their Enbridge shares on November 15, 2018 will receive, as an Enbridge shareholder, Enbridge’s fourth quarter dividend, declared in the amount of $0.67100 per common share of Enbridge, payable on December 1, 2018 to Enbridge shareholders of record on November 15, 2018. Each ENF shareholder will also receive the ENF dividend in the amount of $0.1883 per ENF share, payable on November 15, 2018 to ENF shareholders of record on October 31, 2018.
The Arrangement was approved by ENF shareholders at a special shareholders meeting held on November 6, 2018 (Meeting) and by the Court of Queen’s Bench of Alberta.
The ENF shares will be delisted from the Toronto Stock Exchange. Common shares of Enbridge will continue to trade on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol “ENB”.
If you are a registered ENF shareholder, to receive your Enbridge shares and cash payment, you must properly submit your Letter of Transmittal and Election Form (including tendering your share certificate(s)), which accompanied the Meeting materials, to AST Trust Company (Canada), the depositary under the Arrangement. If you are not a registered ENF shareholder, your ENF shares will be automatically exchanged for Enbridge shares and cash without further action on your part. Please contact your broker or other nominee through which you held your ENF Shares for further information and assistance.
FORWARD-LOOKING INFORMATION
Forward-looking information, or forward-looking statements, has been included in this news release to provide information about the Company, including management’s assessment of future plans and operations of the Company. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as “anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “intend”, “target”, “believe”, “likely” and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, the delisting of the ENF shares.
Although the Company believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the satisfaction of all conditions to the delisting of the ENF shares and the application of ENF to cease to be a reporting issuer.
