TC Energy shareholders approve spinoff of South Bow and elect Board of Directors at the 2024 annual and special meeting

Core Points - TC Energy Corporation's shareholders approved the spinoff of the Liquids Pipelines business and elected the Board of Directors at the 2024 annual meeting [1][2] - Shareholders will receive one new common share of TC Energy and 0.2 common shares in the new company, South Bow Corporation, for each common share held [2] - The separation is expected to enhance long-term value for shareholders by creating two independent, publicly listed companies with tailored strategies [3][4] Company Overview - TC Energy is focused on delivering sustainable energy solutions and addressing energy challenges in North America [7] - The company operates with a team of over 7,000 energy professionals [7] - TC Energy's shares are traded on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP [8] Shareholder Support - The management received strong support for all items voted on during the meeting, including the election of 13 nominees to the Board of Directors [5] - The nominees received high approval rates, with most exceeding 98% in favor [5] Future Plans - The spinoff is anticipated to occur between late third quarter and mid-fourth quarter of 2024, pending regulatory and court approvals [3][4] - South Bow Corporation aims to provide sustainable dividends and steady growth while managing debt effectively [4]