Nov 12, 2004 |
PAA Sets Special Unitholder Meeting and Vote |
Contacts:
Phillip D. Kramer
Executive Vice President and CFO
713/646-4560 – 800/564-3036
A. Patrick Diamond
Manager, Special Projects
713/646-4487 – 800/564-3036
(Houston – November 12, 2004) Plains All American Pipeline, L.P. (NYSE:PAA) announced today that it has set a special unitholder meeting for 10:00 a.m. Central Standard Time on January 20, 2005. The meeting will be held at the Doubletree Hotel, 400 Dallas Street, Houston, Texas 77002. The Board of Directors has set November 23, 2004, as the record date for determining the unitholders entitled to vote at this meeting. It is anticipated that the mailing of the Proxy and Proxy Statement to common unitholders of record will begin on or around December 7, 2004.
Plains All American’s Board of Directors has approved, and recommends that its common unitholders approve, proposals to change the terms of the class B common units and class C common units of the Partnership to provide that each class B common unit and each class C common unit is convertible into one of the common units of the Partnership and to authorize the issuance of additional common units upon such conversion. In addition, its Board of Directors has approved, and recommends that its common unitholders approve, the terms of its 2005 Long-Term Incentive Plan, which provides for awards of common units and other rights to its employees, officers and directors.
Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation, and crude oil gathering, marketing, terminalling and storage, as well as the marketing and storage of liquefied petroleum gas and other petroleum products, in the United States and Canada. The Partnership’s common units are traded on the New York Stock Exchange under the symbol “PAA.” The Partnership is headquartered in Houston, Texas.
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