AltaGas Income Trust

AltaGas Income Trust

January 08, 2008 22:55 ET

AltaGas Income Trust Announces Successful Offer for Taylor NGL Limited Partnership

CALGARY, ALBERTA--(Marketwire - Jan. 8, 2008) -


AltaGas Income Trust (AltaGas or the Trust) (TSX:ALA.UN) is pleased to announce that its offer to acquire the outstanding units of Taylor NGL Limited Partnership (Taylor) (TSX:TAY.UN) has been successful. The offer by AltaGas' indirect subsidiary, AltaGas Holding Limited Partnership No. 1 (AltaGas LP #1 or the Offeror), to acquire all of the outstanding limited partnership units of Taylor not already owned by AltaGas LP #1, its affiliates or associates, expired on January 8, 2008. At that time, an aggregate of 40,154,970 Taylor units (constituting approximately 97.3 percent of the outstanding units, excluding those held by AltaGas and its affiliates) were either validly deposited and taken up or are covered by notices of guaranteed delivery, exceeding the two-thirds required.

The Offeror will promptly exercise its right to acquire all the remaining Taylor units by way of compulsory acquisition under Taylor's limited partnership agreement. Notices of compulsory acquisition will be mailed to Taylor unitholders as soon as practicable.

AltaGas will provide further details related to the acquisition upon completion of the offer, expected on or about January 10, 2008.

AltaGas Income Trust is one of Canada's largest and fastest growing integrated energy infrastructure and services organizations. The Trust creates value by growing and optimizing assets and services across the energy value chain to serve North America's energy demand. Since 1994, AltaGas Income Trust has expanded its business to include natural gas gathering, processing and transmission, extraction of ethane and natural gas liquids, power generation, marketing of natural gas and natural gas liquids, as well as retail energy services to commercial, industrial and institutional end-users across Canada.

AltaGas Income Trust's units are listed on the TSX under the symbol ALA.UN. The Trust is included in the S&P/TSX Composite Index, the S&P/TSX Income Trust Index and the S&P/TSX Capped Energy Trust Index.

This news release contains forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Trust or an affiliate of the Trust, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Trust's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Trust's public disclosure documents. Many factors could cause the Trust's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Trust does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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