31 Dec 2018listing compliance notice▼ BadMajor
ENBRIDGE ENERGY MANAGEMENT L L C terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Dec 2018asset acquisition disposition● Neutral
This amendment only fills in a blank in the December 20 filing: Enbridge issued 30,134,904 Enbridge shares to pay for the merger. Nothing else in the original filing is changed.
20 Dec 2018business combination● NeutralMajor
Enbridge Inc. completed its acquisition of the company on December 20, 2018, following the shareholder vote on December 17. Each public Listed Share was converted into the right to receive 0.335 Enbridge common share. The shares stopped trading on the NYSE before the open that day and the company intends to file a Form 15 to end its reporting obligations. All seven directors (Connelly, Westbrook, Waldheim, Bird, England, Maki, Whelen) resigned, and the company is now a direct wholly owned subsidiary of Enbridge. The Enbridge Energy Partners merger also closed the same day, satisfying the condition in the September 2018 agreement. The share count of Enbridge shares issued was left blank in this filing and corrected in the next one.
20 Dec 2018listing compliance notice● NeutralMajor
ENBRIDGE ENERGY MANAGEMENT L L C's exchange filed to remove a class of its securities from listing.
9 Nov 2018business combination● NeutralMajor
The definitive proxy statement dated November 9, 2018 asks shareholders to vote at a special meeting on December 17, 2018 on the Enbridge merger at 0.335 Enbridge share per Listed Share, along with a waiver and amendment of the company's LLC agreement and two proposals on how to vote its Partners i-units in the Enbridge Energy Partners merger. Both the special committee and the board recommend voting for. Listed Shares last closed at US$10.76 and Enbridge shares at US$32.90 on November 8, 2018. The completion of the merger is conditioned on the Partners merger completing. This continues the September 2018 merger agreement; the vote is still pending.
19 Sept 2018business combination● NeutralMajor
On September 17, 2018 the company agreed to be acquired by Enbridge Inc.: each Listed Share not already owned by Enbridge and its subsidiaries would be converted into 0.335 Enbridge common shares, leaving the company a wholly owned subsidiary of Enbridge. The deal needs a majority vote of public holders and the simultaneous merger of Enbridge Energy Partners into an Enbridge entity, plus listing approvals, antitrust clearance and an effective Form S-4. Either side can terminate if it is not completed by March 18, 2019. This ends the long-running structure where the company's sole business was its Partners stake, if it completes. It is not yet completed.
12 Sept 2013material agreement● NeutralMajor
On September 9, 2013 the company agreed to sell up to 9,000,000 Listed Shares (including a 1,000,000-share underwriters' option) in another public offering; eight million shares were priced for gross proceeds of about $232 million. Proceeds go to buy an equal number of Enbridge Energy Partners i-units, which Partners will use to repay commercial paper and fund expansion. The company's stake in Partners is described as about 17 percent, up from about 13 percent in the February 2013 release. This repeats the February 2013 funding pattern and further dilutes existing holders.
28 Feb 2013material agreement● NeutralMajor
On February 25, 2013 the company agreed with Enbridge Energy Partners, Enbridge Inc. and underwriters to sell 10,350,000 Listed Shares (including a 1,350,000-share underwriters' option) in a public offering; nine million shares were priced for gross proceeds of about $245.6 million. The money is to be invested in an equal number of i-units of Enbridge Energy Partners, which plans to use it to repay commercial paper and fund expansion. The press release describes the company's sole asset as an approximately 13 percent interest in Enbridge Partners. The new shares dilute existing holders.
15 Nov 2011capital raising announcement● Neutral
On November 10, 2011 the company agreed to sell 860,684 new Listed Shares to a single unnamed accredited investor in a private placement for $25,700,000; the sale closed November 14, 2011. This adds new shares, so existing holders own a slightly smaller share of the company.
3 Feb 2006material agreement● Neutral
The boards of Enbridge Energy Company, Inc. and Enbridge Energy Management voted on January 30, 2006 to raise the annual retainer for non-employee directors from $30,000 to $75,000 (dropping separate meeting fees) and the out-of-state travel fee from $500 to $1,500, effective January 1, 2006. They also set an expectation that non-employee directors hold at least $150,000 (two times the retainer) of Enbridge Energy Partners or Enbridge Energy Management shares by the later of January 1, 2011 or five years after joining the board.
7 Oct 2002listing compliance notice▲ GoodMajor
the New York Stock Exchange certified ENBRIDGE ENERGY MANAGEMENT L L C's securities for listing, clearing them to begin trading.