Spectra Energy Income Fund

Spectra Energy Income Fund

April 21, 2008 12:12 ET

Spectra Energy Income Fund Adjourns Special Meeting

CALGARY, ALBERTA--(Marketwire - April 21, 2008) - Spectra Energy Income Fund (TSX:SP.UN) today announced that the special meeting of the unitholders of Spectra Energy Income Fund (the "Fund") that began earlier today in connection with the proposed acquisition of all of the outstanding units of the Fund by Westcoast Energy Inc., a wholly-owned subsidiary of Spectra Energy, has been adjourned. The reconvened meeting will take place at 2:30 p.m. (Calgary time) on Thursday, April 24, 2008 at Suite 2600, 425 1st Street SW, Fifth Avenue Place, East Tower, Calgary, Alberta.

The unitholders of the Fund voted to adjourn the special meeting following discussions at the meeting about the possibility of a very close margin as to votes in favour and votes against the proposed transaction. The adjournment of the special meeting will allow additional time for all of the Fund's unitholders to participate in the vote on the proposed transaction and deposit proxies or make changes to any previously deposited proxies, in advance of the reconvened meeting.

Unitholders who have not voted or wish to change their vote may do so by following the instructions set forth on the proxy or voting instruction form provided to them. A unitholder may revoke a previously voted proxy with an instrument in writing, including another proxy, signed by the holder and delivered to the Fund. In order to revoke a proxy delivered to the Fund by an Intermediary (or its agent), on their behalf, beneficial unitholders should carefully follow any revocation instructions set forth on the voting instruction form provided to them by their Intermediary (or agent). Questions regarding the Special Resolution contained within the Information Circular or voting procedures can be directed to Laurel Hill Advisory Group at 1-800-611-1685.

As a result of the adjournment, any new proxies or changes to previously submitted proxies must now be deposited with the Fund's Transfer Agent (Computershare Trust Company of Canada, 9th Floor, 100 University Avenue, Toronto, Ontario, M5J 2Y1 Attention: Proxy Department) not later than 4:30 p.m. (Toronto time) on April 23, 2008.

The Fund also announced today that all regulatory approvals required in connection with the completion of the proposed acquisition have been received.

Unitholders are encouraged to review the Notice of Special Meeting of Unitholders and Information Circular issued by the Fund on March 19, 2008 and which is available on SEDAR at www.sedar.com. Questions regarding any voting procedures can be directed to Laurel Hill Advisory Group at (800) 611-1685.

Forward-Looking Statements:

This news release includes statements that do not directly or exclusively relate to historical facts, referred to as "forward-looking statements." You can typically identify forward-looking statements by the use of forward-looking words, such as "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "estimate", "continue", "potential", "plan", "forecast" and other similar words. The forward-looking statements reflect management's current intentions, plans, expectations, beliefs and assumptions about future events, including the outlook for general economic trends, industry trends, commodity prices, capital markets, and the governmental, legal and regulatory environment. Forward-looking statements relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, new services, market forces, commitments and technological developments. Forward-looking statements also relate to the proposed transaction described in this new release, including the terms and conditions of that transaction and the anticipated timing for closing. These statements are subject to various known and unknown risks and uncertainties that are outside our control and could cause actual results to differ materially from the results expressed or implied by the forward-looking statements. Those risks and uncertainties include market and general economic conditions, future costs, treatment under government regulatory, tax and environmental regimes and the other material risks discussed in the Fund's Annual Information Form dated March 15, 2007, under "Risk Factors" and in the management's discussion and analysis of the Fund and Spectra Energy Facilities LP under the headings "Risk Profile" contained in the Fund's Annual Report for the year ended Dec. 31, 2006. Risks and uncertainties relating to the proposed transaction include risks that the parties will not proceed with the transaction or that the transaction will not be completed for any reason. Undue reliance should not be placed on this forward-looking information, which is given as of the date of this release, and the Fund undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise.

About Spectra Energy Income Fund

Spectra Energy Income Fund is an unincorporated open-ended trust established under the laws of the Province of Alberta and owns a 53.8 percent indirect interest in Spectra Energy Facilities LP ("SEF LP") which owns 100 per cent of Spectra Energy Midstream Corporation ("Spectra Midstream"). Spectra Energy indirectly owns the remaining 46.2 percent interest of SEF LP and is the sponsor of the Fund. Spectra Midstream is one of the largest independent midstream operations in the Western Canadian Sedimentary Basin ("WCSB") with interests in thirteen natural gas processing plants with a net processing capacity of 924 mmcf/d and over 1,600 kilometres of natural gas gathering pipelines located throughout natural gas prone areas in the western extent of the WCSB. More information on Spectra Energy Income Fund can be found at: http://www.spectraenergyfund.com.

Contact Information

  • Spectra Energy Income Fund
    Bob Bissett
    Media & Analysts
    (403) 705-2008 or (713) 627-4747 (24-hour media line)
    Website: www.spectraenergyfund.com
    Laurel Hill Advisory Group