On May 1, 2004, Calgary-based AltaGas Services Inc. completed a reorganization of its business into AltaGas Income Trust pursuant to the terms of a plan of arrangement. As part of the plan, AltaGas’ principal shareholder, Enbridge Inc., converted its 9,000,000 participating shares to common shares. Enbridge Inc. and certain other eligible AltaGas Services shareholders received AltaGas Income Trust units, and limited partnership units that are exchangeable into AltaGas Income Trust units, under the plan.
AltaGas Income Trust has a market capitalization of approximately $900 million. The assets of its operating entities include natural gas gathering and processing facilities, interests in ethane and natural gas liquids extraction plants, and transmission pipelines primarily located in Alberta.
AltaGas was represented on the conversion internally by Dennis Dawson, vice-president, general counsel and corporate secretary, and Michael Halpen, corporate counsel, and externally by Stikeman Elliott, with a team that included Glenn Cameron, Christopher Nixon, Keith Chatwin, Dean Burns, Micah Libin, Harry Andersen, Linda Garratt and Virginia Wigmore (corporate/securities), David Weekes (tax), David Holgate (regulatory), Susan Hutton (competition) and Lorna Cuthbert (employment). Donald Biberdorf, Vince Bjorndahl, Siobhan Goguen, Blair Nixon and Sandra Jack of Felesky Flynn acted as special tax counsel to AltaGas.
Enbridge Inc. was represented internally by Ian MacLean and Murray Desrosiers, and externally by McCarthy Tétrault with Doug Ewens, Q.C., and Ian Bock (tax) and Richard Shaw, Q.C., John Osler and Barclay Laughland (corporate/securities) assisting.