Company receives securityholder approval to be rebranded as
Ovintiv and become domiciled in the
United States
CALGARY, Jan. 14, 2020 /CNW/ - Encana Corporation (NYSE,
TSX: ECA) today announced that its securityholders voted in
support of the reorganization resolution, in order to:
(i) establish the company's corporate domicile in the U.S.;
(ii) rebrand under the name Ovintiv Inc. ("Ovintiv"); and (iii)
complete a consolidation and share exchange for effectively one
share of common stock of Ovintiv for every five common shares of
Encana. The approval was made at its Special Meeting of
Securityholders (the "Meeting") held earlier today.
"We are extremely pleased with the vote of confidence from our
shareholders today. With 90% of our securityholders voting "FOR"
the resolution, there is clearly support for our efforts to expose
Ovintiv to the deeper pools of capital in the U.S.—capturing the
value we know exists within our equity," said CEO Doug Suttles. "We will continue to focus on
innovation and efficiencies throughout our operations, delivering
the financial and operational performance our shareholders
expect."
Detailed voting results for the Meeting are available under
Encana's profile on SEDAR at www.sedar.com and on the Securities
and Exchange Commission ("SEC") website at www.sec.gov. Completion
of the reorganization is still subject to other conditions to
closing, including final approval of the plan of arrangement by the
Court of Queen's Bench of Alberta.
Further information regarding the reorganization is provided in
Encana's proxy statement/management information circular and
prospectus dated December 11, 2019 in
respect of the Meeting.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This
news release contains forward-looking statements or information
(collectively, "FLS") within the meaning of applicable securities
legislation, including Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. FLS include: anticipated completion of the
reorganization and benefits of the transaction. FLS involve
assumptions, risks and uncertainties that may cause such statements
not to occur or results to differ materially. These assumptions
include: the ability to receive, in a timely manner and on
satisfactory terms, stock exchange and court approvals and
expectations based on views of historical trends. Risks and
uncertainties include: ability to achieve anticipated benefits of
the reorganization; satisfaction of conditions; risks relating to
the new company following the reorganization; impact of changes in
credit rating and access to liquidity, risks that the description
of the transactions in external communications may not properly
reflect the underlying legal and tax principles of the
reorganization; and other risks and uncertainties as described in
Encana's December 11, 2019
information circular and prospectus, Annual Report on Form 10-K and
Quarterly Report on Form 10-Q and as described from time to time in
Encana's other periodic filings as filed on SEDAR and EDGAR.
Although Encana believes such FLS are reasonable, there can be no
assurance they will prove to be correct. The above assumptions,
risks and uncertainties are not exhaustive. FLS are made as of the
date hereof and, except as required by law, Encana undertakes no
obligation to update or revise any FLS.
Further information on Encana Corporation is available on the
company's website, www.encana.com, or by contacting:
Investor
contact:
(281) 210-5110
(403) 645-3550
|
Media contact: (281) 210-5253
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/encana-receives-securityholder-approval-for-reorganization-300986672.html
SOURCE Encana Corporation