RICHMOND, Va., Jan. 14, 2016 /PRNewswire/ -- Dominion
Resources, Inc. (NYSE: D), has received notice of an unsolicited
"mini-tender" offer by TRC Capital Corporation (TRC Capital) to
purchase up to 2 million shares of Dominion's common stock at a
price of $66.50 per share in cash.
The offering price is approximately 4.19 percent below the closing
price per share of Dominion's common stock on Jan. 11, 2016, the last trading day before the
offer was commenced. The offer is for approximately 0.34 percent of
the outstanding shares of Dominion's common stock.
Dominion does not endorse TRC Capital's unsolicited mini-tender
offer and recommends that shareholders do not tender their shares.
Dominion is not associated with TRC Capital, its mini-tender offer
or the mini-tender offer documentation.
TRC Capital has made many similar unsolicited mini-tender offers
for shares of other public companies. Mini-tender offers seek
less than 5 percent of a company's outstanding shares, and thus are
not subject to many of the investor protections afforded to larger
tender offers, including the filing of disclosure and other tender
offer documents with the Securities and Exchange Commission (SEC)
and other procedures mandated by U.S. securities laws.
The SEC has cautioned investors about mini-tender offers, noting
that, "some bidders make mini-tender offers at below-market prices,
hoping that they will catch investors off guard if the investors do
not compare the offer price to the current market price." The SEC's
guidance to investors on mini-tender offers is available at
http://www.sec.gov/investor/pubs/minitend.htm.
Shareholders should obtain current market quotations for their
shares, consult with their broker or financial advisor, and
exercise caution with respect to TRC Capital's mini-tender offer.
Dominion recommends that shareholders who have not responded to TRC
Capital's offer take no action. Shareholders who have already
tendered their shares may withdraw them at any time prior to
12:01 a.m., New York City time, on Feb. 10, 2016, in accordance with TRC's offering
documents.
Dominion encourages brokers and dealers, as well as other market
participants, to review the SEC's letter regarding broker-dealer
mini-tender offer dissemination and disclosure at
http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Dominion requests that a copy of this news release be included
with all distributions of materials relating to TRC Capital's
mini-tender offer related to Dominion shares of common stock.
Dominion is one of the nation's largest producers and
transporters of energy, with a portfolio of approximately 24,400
megawatts of generation, 12,200 miles of natural gas transmission,
gathering and storage pipeline, and 6,490 miles of electric
transmission lines. Dominion operates one of the nation's
largest natural gas storage systems with 928 billion cubic feet of
storage capacity and serves utility and retail energy customers in
14 states. For more information about Dominion, visit the company's
website at www.dom.com.
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SOURCE Dominion Resources, Inc.