Dominion has initiated a programme, endorsed by the board of directors, which authorises the company to purchase up to US$50 million of common units representing limited partner interests in Dominion Midstream Partners LP. Common units may be acquired by Dominion over the next 12 months at the discretion of management.
Thomas F. Farrell II, Chairman, President and CEO of Dominion and Dominion Midstream GP LLC, said: "This program demonstrates Dominion's confidence in and commitment to Dominion Midstream. It also confirms that our company sees upside unit valuation in Dominion Midstream and views the partnership as an attractive investment with significant growth opportunities."
The common units would be purchased from time to time at prevailing market prices, through open-market or privately negotiated transactions, depending on market conditions. Purchases under the program would be funded from available working capital, and the purchased units would be held by Dominion or a subsidiary of Dominion other than Dominion Midstream. There is no guarantee as to the exact number of units that Dominion would purchase, and Dominion may discontinue purchases at any time that management determines that additional purchases are not warranted.
Dominion owns and controls the general partner of Dominion Midstream. Dominion owns 11 847 789 Dominion Midstream common units representing limited partner interests.
Edited from press release by Angharad Lock