Gendis Inc. Receives Cash and Pembina Pipeline Cor
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WINNIPEG, Manitoba, Oct. 06, 2017 (GLOBE NEWSWIRE) -- Gendis Inc. (TSX: GDS ) received $12.9 million in cash and 561,725 shares of Pembina Pipeline Corporation (TSX: PPL ) (“PPL”) following the closing of the takeover of Veresen Inc. (TSX: VSN ) (“VSN”) by PPL. Gendis owned 2.0 million VSN shares.
Gendis repaid all of its debt from the cash proceeds, leaving a cash surplus of $4.1 million. Gendis is now debt free.
The 561,725 PPL shares, having a market value of $24.0-million, are expected to provide approximately $1.2 million of annual dividends to Gendis.
As stated in the Annual Report, Gendis continues to look at a variety of options and strategies.
For further information, please contact Mr. James E. Cohen, President and Chief Executive Officer of Gendis Inc. at (204) 474-5200.
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