ENERGY TRUSTS / OPTUS Natural Gas Distribution Income Fund Acquisition
CALGARY, Jan. 7 /CNW/ - OPTUS Natural Gas Distribution Income Fund (TSE
Symbol: OPT.UN) (OPTUS) announced today that its subsidiary Direct Energy
Marketing Limited has closed a transaction to acquire 75,000 ABC-T Service
customers for the supply of 5-year natural gas in Consumers' Gas and Union Gas
franchise areas in southern Ontario. The transaction, which closed today, is
effective from November 1, 1997. The transaction was funded from part of the
proceeds of the $31 million offering of special warrants exercisable into
trust units of OPTUS, which closed on December 2, 1997.
OPTUS is a Toronto Stock Exchange listed income trust which, through
Direct Energy Marketing Limited, is Canada's largest independent natural gas
company distributing natural gas to more than 500,000 residential and small
business customers in Ontario, Manitoba and Quebec. Direct Energy Marketing
Limited supplies approximately 1.0 Bcf of natural gas per day to industrial,
institutional and utility customers in North America.
Direct Energy Marketing Limited continues to seek the acquisition of new
ABC-T Service customers and is pursuing market development opportunities in
other geographic regions.
OPTUS has no external debt and a market capitalization of $210 million. |
