EnCana shareholders overwhelmingly support split into two companies

By Lisa Kerner

Charlotte, N.C., Nov. 25 - EnCana Corp. shareholders voted in favor of the company's plan to split EnCana into two energy companies, Cenovus Energy Inc., an integrated oil company, and EnCana Corp., a pure-play natural gas company, it was announced on Wednesday.

The shareholders voted more than 99% in favor of the plan, which "significantly exceeded" the required two-thirds majority of votes needed to approve the split, an EnCana news release said.

EnCana's split was also approved by the Court of Queen's Bench of Alberta on Wednesday.

Under EnCana's plan of arrangement, EnCana common shareholders will own one new EnCana common share and will receive one common share of Cenovus for each EnCana common share held on Dec. 7.

The arrangement is expected to become effective on Monday.

EnCana said Cenovus and post-split EnCana shares will begin regular trading on the Toronto Stock Exchange on Dec. 3 and on the New York Stock Exchange on Dec. 9 under the symbols "CVE" and "ECA," respectively.

As previously reported, EnCana first proposed the reorganization in May 2008 and revised the plan in October 2008 due to turmoil in the financial markets.

EnCana is a Calgary, Alta., oil and natural gas company.

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