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Stock Market & Financial Investment News

News Breaks
June 19, 2014
08:55 EDTEEP, EEP, ENB, ENBEnbridge to hold a conference call
CEO Monaco and CFO Bird discuss the $7.5B cost of the L3R program and the agreement with RBC Capital Markets and Credit Suisse to issue 7.86M treasury common shares on a conference call to be held on June 19 at 9 am. Webcast Link
News For EEP;ENB From The Last 14 Days
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July 1, 2015
08:36 EDTENBEnbridge purchases equity position in Fairwood LNG
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June 19, 2015
07:35 EDTENBEnbridge agrees to transfer Canadian Mainline to Enbridge Income Fund for $30.4B
Enbridge has reached agreement with Enbridge Income Fund to transfer its Canadian Liquids Pipelines Business, held by Enbridge Pipelines, or EPI, and Enbridge Pipelines Athabasca, or EPA, and certain Canadian renewable energy assets to the Fund for consideration payable at closing valued at $30.4B. The Transaction is subject to customary regulatory approvals and closing conditions, as well as a vote of the public shareholders of Enbridge Income Fund Holdings, which is expected to occur in August. The Transaction is a key component of Enbridge's Financial Strategy Optimization introduced in December of last year which included an increase in the company's targeted dividend payout. It advances the company's sponsored vehicle strategy and supports Enbridge's previously announced 33 percent dividend increase in 2015 and expected annual average dividend per share, or DPS, growth of 14%-16% from 2016 through to 2018. It also positions Enbridge to extend its industry leading DPS growth beyond 2018. The Transaction is expected to provide Enbridge with an alternate source of funding for its enterprise wide growth initiatives and enhance its competitiveness for new organic growth opportunities and asset acquisitions. In conjunction with the execution of the Transaction, Enbridge will commence employing supplemental cash flow metrics as part of its normal course quarterly reporting of financial performance and in its guidance. Among other measures, management also expects to utilize available cash flow from operations, or ACFFO, as defined under Non-GAAP Measures below, to assess the performance of its base business and expected growth program as well as its dividend outlook. ACFFO is currently expected to grow at a compound average annual rate of approximately 18% from 2014-2018, inclusive of the impacts of the Transaction. Going forward, the company will express its dividend payout range as a percentage of ACFFO rather than adjusted earnings. The target dividend payout policy range will be 40%-50% of ACFFO, which is approximately equivalent to the previous payout range of 75%-85% of adjusted earnings. The Transaction will significantly increase the Fund's scale and scope and create a transparent source of long-term growth driven by the $15B low risk, commercially secured growth program embedded within the transferred business, $2B of which is already in service. ENF's dividend is expected to be increased by approximately 10% on closing and by an expected further 10% at the beginning of 2016 and each year thereafter through 2019.
07:31 EDTENBEnbridge agrees to transfer Canadian Mainline to Enbridge Income Fund for $30.4B
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