Translate
CALGARY, Oct. 1 /CNW/ - (TSX - PGX.UN) Progress Energy Trust ("Progress" or the "Trust") today announced the increase to the Exchange Ratio of the Exchangeable Shares of Progress Energy Ltd. from 1.55282 to 1.56538. This increase will be effective on October 15, 2008.
The following are the details of the calculation of the Exchange Ratio:
-------------------------------------------------------------------------
Record date of Progress Energy Trust distribution September 30, 2008
-------------------------------------------------------------------------
Opening Exchange Ratio 1.55282
-------------------------------------------------------------------------
Progress Energy Trust distribution per unit $0.10
-------------------------------------------------------------------------
Five day weighted average trading price of PGX.UN
(prior to the end of the month) $12.36
-------------------------------------------------------------------------
Increase in Exchange Ratio(x) 0.01256
-------------------------------------------------------------------------
Effective Date of the increase in the Exchange Ratio October 15, 2008
-------------------------------------------------------------------------
Exchange Ratio as of Effective Date 1.56538
-------------------------------------------------------------------------
(x) The increase in the Exchange Ratio is calculated by multiplying the
Progress Energy Trust distribution per unit by the Exchange Ratio
immediately prior to the Record Date and dividing by the five day
weighted average trading price of Progress Energy Trust units.
Exchangeable Shares of Progress Energy Ltd. trade on the Toronto Stock Exchange under the symbol PGE. A holder of Progress Energy Ltd. Exchangeable Shares can exchange all or a portion of their holdings into Progress Energy Trust Units at any time, by giving notice to their investment advisor or Computershare Trust Company of Canada at its principal transfer office in Suite 710, 530-8th Avenue S.W., Calgary, Alberta, T2P 3S8.
Forward-Looking Statements - Certain information regarding Progress set forth in this document, including management's assessment of Progress' future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. In particular, forward-looking statements included in this document, include but are not limited to, statements with respect to levels of distributions to be paid to unitholders and timing of payment of such distributions. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Progress' control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Progress' actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Progress will derive therefrom. These forward-looking statements are made as of the date of this Document and Progress does not undertake any obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
%SEDAR: 00020979E