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VALENER SHAREHOLDERS APPROVE ALL PROPOSITIONS SUBMITTED AT THE ANNUAL AND SPECIAL SHAREHOLDERS MEETING

^{Published on 2011-03-23 13:45:49 - Market Wire}
 

MONTREAL, March 23 /CNW Telbec/ - Valener Inc. (« Valener ») (TSX: VNR) is pleased to announce that its shareholders approved all three propositions submitted at its Annual and Special Meeting of Shareholders that was held today.

For the proposition regarding the adoption of a special resolution authorizing the creation of a special class of preferred shares issuable in series, 91% of the votes cast were in favor of the proposition.

At the same meeting, the following directors were re-elected: Nicolle Forget, François Gervais, Pierre Monahan and Réal Sureau. The accounting firm of Raymond Chabot Grant Thornton LLP was re-appointed as auditors.

Subsequently to the Annual and Special Meeting, the Board of Directors of Valener held a meeting and has appointed Mr. Pierre Monahan as Chairman of the Board. The Board of Directors also re-appointed the four directors as members of the Audit Committee and Mr. Réal Sureau has been re-confirmed as Chairman of the Committee.

Valener Overview

Valener owns an economic interest of approximately 29% in Gaz Métro Limited Partnership (« Gaz Métro »). Valener therefore has a stake in the energy industry and benefits from Gaz Métro's diversified profile, both in terms of geography and business segment. Valener also owns a 24.5% indirect interest in the wind power projects jointly developed by Beaupré Éole General Partnership and Boralex Inc. on the private lands of Séminaire de Québec. Valener may also pursue its own development projects and acquisition strategies subject to a non-competition agreement in favour of Gaz Métro and to applicable limitations under its credit facility. Valener's common shares are listed on the Toronto Stock Exchange under the "VNR" trading symbol. [ www.valener.com ]