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Spectra Energy Canada Exchangeco Inc. exercises its right to require the exchange of all outstanding exchangeable shares on Mar

^{Published on 2009-11-16 14:28:00 - Market Wire}
 

CALGARY, Nov. 16 /CNW/ - Spectra Energy Canada Exchangeco Inc. (Exchangeco) announced today that it has elected to exercise its right to require the exchange of all the outstanding Duke Energy Exchangeable Shares (TSX: SPT.A) and Spectra Energy Exchangeable Shares (TSX: SPT.B) on March 17, 2010 (the mandatory redemption date).

On the mandatory redemption date, each Duke Energy Exchangeable Share will be exchanged for one common share of Duke Energy Corporation and each Spectra Energy Exchangeable Share will be exchanged for one common share of Spectra Energy Corp. Holders of Duke Energy Exchangeable Shares and Spectra Energy Exchangeable Shares must deliver their share certificates and accompanying documentation to Computershare Investor Services Inc. (Computershare) in order to receive common shares of Duke Energy Corporation and Spectra Energy Corp, respectively.

After March 17, 2010, former holders of Duke Energy Exchangeable Shares and Spectra Energy Exchangeable Shares will not have any rights as holders thereof other than the right to receive common shares of Duke Energy Corporation and Spectra Energy Corp.

A letter providing additional information and specific instructions with respect to the mandatory exchange of the Duke Energy Exchangeable Shares and Spectra Energy Exchangeable Shares, along with a Notice of Exercise of Redemption Call Right and a Letter of Transmittal, will be mailed to registered holders of Duke Energy Exchangeable Shares and Spectra Energy Exchangeable Shares. Copies of these documents will be filed on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at [ www.sedar.com ]. Holders of Duke Energy Exchangeable Shares and Spectra Energy Exchangeable Shares should follow the instructions in these materials to ensure they receive the common shares of Duke Energy Corporation and Spectra Energy Corp they are entitled to receive.

Current holders of Duke Energy Exchangeable Shares and Spectra Energy Exchangeable Shares can exchange their shares for common shares of Duke Energy Corporation or Spectra Energy Corp, as the case may be, at any time before the mandatory redemption date. For additional information about how to exchange their exchangeable shares before the mandatory redemption date, shareholders should contact Computershare at 1-800-564-6253 or via email at [ corporateactions@computershare.com ].

Spectra Energy Canada Exchangeco Inc. is a subsidiary of Spectra Energy Corp. Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America's premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution. For nearly a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 19,100 miles of transmission pipeline, more than 285 billion cubic feet of storage, as well as natural gas gathering and processing, natural gas liquids operations and local distribution assets. The company also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Spectra Energy was recently ranked by FORTUNE as the world's "most admired" pipeline company. For more information, visit [ www.spectraenergy.com ].