BRIEF-Veresen reports Q2 adjusted earnings per share C$0.04

Wed Aug 3, 2016 5:11pm EDT
 
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Aug 3 (Reuters) - Veresen Inc

* Veresen announces enhanced funding strategy through pursuing sale of power business and the suspension of drip, second quarter financial results and increased guidance

* Q2 adjusted earnings per share C$0.04

* Q2 earnings per share view C$0.06 -- Thomson Reuters I/B/E/S

* Has engaged TD Securities inc. As company's sole financial advisor on divestiture of power business

* Veresen's board of directors has confirmed annualized dividend rate of $1.00 per common share

* Has elected to suspend premium dividend and dividend reinvestment plan beginning with august 2016 dividend

* Proceeds will be invested to develop inventory of contracted capital projects in core natural gas and ngl infrastructure business

* Has increased its 2016 distributable cash guidance to be in range of $1.03 per common share to $1.13 per common share Source text for Eikon: Further company coverage: