Kinder Morgan Canada Limited announced that holders (Voting Shareholders) of KML restricted voting shares and special voting shares (collectively, Voting Shares) and holders (Preferred Shareholders) of KML cumulative redeemable minimum rate reset preferred shares, series 1 and 3 (collectively, Preferred Shares), have voted to approve the proposed acquisition of KML's outstanding common equity by Pembina Pipeline Corporation by way of a statutory arrangement under the Business Corporations Act (Alberta) at the special meetings of Voting Shareholders and Preferred Shareholders, respectively, each held on December 10, 2019 in Calgary, Alberta.
At the special meeting of Voting Shareholders, a total of 20,983,799 restricted voting shares and 81,353,820 special voting shares were voted in person and by proxy, representing 88.00 percent of KML's issued and outstanding Voting Shares. The Arrangement was approved by 99.99 percent of the votes cast by Voting Shareholders, voting together as a single class, and 99.93 percent of the votes cast by holders of restricted voting shares. Both a majority of not less than two-thirds of the votes cast by Voting Shareholders and a majority of votes cast by holders of restricted voting shares were required to approve the Arrangement.
At the special meeting of Preferred Shareholders, a total of 10,410,391 Preferred Shares were voted in person and by proxy, representing 47.32 percent of KML's issued and outstanding Preferred Shares. The Arrangement was approved by 76.36 percent of the votes cast by the Preferred Shareholders, voting together as a single class. A majority of not less than two-thirds of the votes cast by Preferred Shareholders was required in order for Preferred Shareholders to participate in the Arrangement.
Also, the Company received the final order from the Court of Queen's Bench of Alberta approving the Arrangement. As previously announced, all material regulatory conditions necessary for completion of the Arrangement have been satisfied. Completion of the Arrangement remains subject to other customary conditions to closing, including the concurrent completion of the sale of the U.S.-regulated Cochin pipeline system by Kinder Morgan, Inc. to Pembina, and is expected to occur on or about December 16, 2019.