Penn West Energy Trust Completes Conversion to Corporation
Penn West Petroleum Ltd. has converted Penn West Energy Trust (TSX:PWT.UN) to a corporation, Penn West will operate under the trade name "Penn West Exploration" however the stock will trade on the stock exchange under the name "Penn West Petroleum Ltd". Unitholders of the Trust received one common share of Penn West for each one trust unit that they held on January 1, 2011.
It is anticipated that Penn West's Petroleum Ltd Shares will commence trading on the Toronto Stock Exchange under the trading symbols "PWT" on or about January 10, 2011, the Trust Units will be delisted from the TSX and on the same date.
The final cash distribution of the Trust in the amount of CDN$0.09 per Trust Unit that is payable to unitholders of record on December 31, 2010 will be paid on January 14, 2011. As previously announced, it is expected that Penn West will adopt a quarterly dividend policy with an initial dividend rate of $0.27 per Common Share, with the first dividend anticipated to be paid on April 15, 2011 to shareholders of record on March 31, 2011.
Those who hold this stock have had their portfolios updated to reflect this, for further information click on the link below: