Hiland Partners, LP and Hiland Holdings GP, LP Announce Adjournment of Special Meetings of Unitholders Until October 27, 2009
20 Oktober 2009 - 6:30PM
PR Newswire (US)
ENID, Okla., Oct. 20 /PRNewswire-FirstCall/ -- Hiland Partners, LP
(NASDAQ:HLND) and Hiland Holdings GP, LP (NASDAQ:HPGP) announced
today that each company adjourned its special meeting of
unitholders that took place this morning. The Hiland Partners
special meeting was adjourned and the vote postponed until October
27, 2009 at 10:30 a.m., central time, and the Hiland Holdings
special meeting was adjourned and the vote postponed until October
27, 2009 at 9:00 a.m., central time. Each special meeting will be
held at 302 N. Independence, Ball Room, Second Floor, Enid,
Oklahoma 73701. As of the commencement of the Hiland Partners
special meeting, approximately 59% of the common units represented
by proxies received thus far from public unitholders had voted
"FOR" approval of the previously announced proposed merger of
Hiland Partners with an affiliate of Harold Hamm (the "Hiland
Partners merger"). These proxies amounted to approximately 1.7
million common units or approximately 43% of all outstanding common
units held by public unitholders. Because approval of the Hiland
Partners merger is conditioned upon the approval of holders of a
majority of all outstanding common units held by public unitholders
of Hiland Partners, the Hiland Partners board of directors
adjourned the Hiland Partners special meeting to allow for
additional time to solicit proxies from public unitholders. As of
the commencement of the Hiland Holdings special meeting,
approximately 58% of the common units represented by proxies
received thus far from public unitholders had voted "FOR" approval
of the previously announced proposed merger of Hiland Holdings with
an affiliate of Harold Hamm (the "Hiland Holdings merger"). These
proxies amounted to approximately 3.6 million common units or
approximately 43% of all outstanding common units held by public
unitholders. Because approval of the Hiland Holdings merger is
conditioned upon the approval of holders of a majority of all
outstanding common units held by public unitholders of Hiland
Holdings, the Hiland Holdings board of directors adjourned the
Hiland Holdings special meeting to allow for additional time to
solicit proxies from public unitholders. Each of the Hiland
Partners merger agreement and the Hiland Holdings merger agreement
may be terminated if the effective time of such merger does not
occur on or before November 1, 2009. Pursuant to the provisions of
each merger agreement, the obligation of Harold Hamm and his
affiliates to complete either of the mergers is conditioned upon,
among other things, the concurrent completion of the other Hiland
company merger. Harold Hamm and his affiliates may not waive this
condition and complete only the Hiland Partners merger unless the
Hiland Holdings merger is submitted to a vote of the unitholders of
Hiland Holdings and the Hiland Holdings merger is not approved.
Similarly, Harold Hamm and his affiliates may not waive this
condition and complete only the Hiland Holdings merger unless the
Hiland Partners merger is submitted to a vote of the unitholders of
Hiland Partners and the Hiland Partners merger is not approved. The
record date for determining unitholders eligible to vote at the
special meetings will remain September 9, 2009. Valid proxies
submitted by unitholders of Hiland Partners or Hiland Holdings
prior to the adjourned October 20, 2009 special meetings will
continue to be valid for purposes of the reconvened special
meetings scheduled for October 27, 2009. Common unitholders of
Hiland Partners or Hiland Holdings as of September 9, 2009 who have
not voted but wish to do so or who would like to change their vote
should contact D.F. King at 1-800-967-4612. About the Hiland
Companies Hiland Partners, LP is a publicly traded midstream energy
partnership engaged in purchasing, gathering, compressing,
dehydrating, treating, processing and marketing of natural gas, and
fractionating, or separating, and marketing of natural gas liquids,
or NGLs. Hiland Partners, LP also provides air compression and
water injection services for use in oil and gas secondary recovery
operations. Hiland Partners, LP's operations are primarily located
in the Mid-Continent and Rocky Mountain regions of the United
States. Hiland Partners, LP's midstream assets consist of fifteen
natural gas gathering systems with approximately 2,147 miles of
gathering pipelines, six natural gas processing plants, seven
natural gas treating facilities and three NGL fractionation
facilities. Hiland Partners, LP's compression assets consist of two
air compression facilities and a water injection plant. Hiland
Holdings GP, LP owns the two percent general partner interest,
2,321,471 common units and 3,060,000 subordinated units in Hiland
Partners, LP, and the incentive distribution rights of Hiland
Partners, LP. Forward-Looking Statements This press release
includes certain statements concerning expectations for the future
that are forward-looking statements, including statements about the
preliminary results of a solicitation. Such forward-looking
statements are subject to a variety of known and unknown risks,
uncertainties, and other factors that are difficult to predict and
many of which are beyond management's control. An extensive list of
factors that can affect future results are discussed in the
definitive joint proxy statement filed by Hiland Partners and
Hiland Holdings, in Hiland Partners' and Hiland Holdings' Annual
Reports on Form 10-K and other documents filed from time to time
with the Securities and Exchange Commission. Any such forward
looking statements are made as of the date of this press release
and neither Hiland Partners nor Hiland Holdings undertakes any
obligation to update or revise any such forward-looking statements
to reflect new information or events. DATASOURCE: Hiland Partners,
LP; Hiland Holdings GP, LP CONTACT: Derek Gipson, Director -
Business Development and Investor Relations of Hiland Partners, LP,
+1-580-242-6040 Web Site: http://www.hilandpartners.com/
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