Enbridge Board Recommends Two-For-One Stock Split

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Calgary-based developer Enbridge says its board of directors will recommend that shareholders approve a two-for-one stock split at the company's annual and special meeting of shareholders on May 11. In addition to shareholder approval, the stock split is subject to regulatory approvals. Upon completion of the stock split, the number of outstanding shares would double from approximately 385 million to approximately 770 million. Enbridge's last stock split occurred in May 2005.Â

Enbridge has seven wind farms in operation or under construction, including the 190 MW Ontario Wind Project in Bruce County, Ontario, the second largest in Canada. Its first U.S. project, the 250 MW Cedar Point project near Denver, is slated for commercial operation in 2011.Â

‘This proposed stock split reflects the board's and management's continuing confidence in Enbridge's business fundamentals and ability to deliver solid earnings and cashflow in the future,’ said Patrick D. Daniel, president and CEO, in a statement. ‘Based on the average annual growth in earnings per share of 1o percent which we expect through the middle of the decade, we continue to see valuation upside in our shares.’Â

SOURCE: Enbridge

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