Saturday, October 1 2022

CALGARY, Alta., August 11, 2022 /CNW/ – Enerplus Corporation (“Enerplus” or the “Company”) (TSX: ERF) (NYSE: ERF) today announced the acceptance by the Toronto Stock Exchange (the “TSX”) of its notice of normal course issuer bid (the auction”).

Pursuant to the Offer, Enerplus is offering to purchase through the TSX, New York Stock Exchange and/or other trading systems, from time to time over the next 12 months, if deemed desirable, up to 23,140,231 common shares, or 10% of the public float of Enerplus (as defined by TSX rules) at August 4, 2022.

Enerplus believes that, from time to time, the market price of its common shares trades in a price range that does not adequately reflect their underlying value. Accordingly, Enerplus has concluded that the repurchase of Common Shares for cancellation may represent an attractive investment which will increase the proportionate ownership interest in the Company of all remaining shareholders of the Company and will be beneficial to them.

The offer will be made in accordance with the normal course issuer bid rules of the TSX and/or the rule 10b-18 under the United States Stock Exchange Act of 1934, as amended, which contain restrictions on the number of Common Shares that may be purchased in a single day, subject to certain exceptions for bulk purchases, based on average daily trading volumes of Enerplus Common Shares at the applicable exchange. Subject to exceptions for bulk purchases, Enerplus will limit daily purchases of Common Shares on the TSX under the Offer to no more than 25% (424,314 Common Shares) of the average daily trading volume on the common shares on the TSX (1,697,260 common shares) on any trading day. Common Shares purchased under the Offer will be cancelled.

Enerplus is authorized to make purchases during the August 16, 2022 at August 15, 2023 or until the offer is completed or terminated at Enerplus’ option. Purchases under the Offer will be made by way of open market purchases at market prices, as well as other means permitted by the applicable securities authorities, including private agreements. Any purchase made by private agreement under an issuer bid exemption order issued by a securities regulatory authority will be made at a discount to the prevailing market price, as provided in any exemption order.

Enerplus has entered into an automatic purchase plan prior to the commencement of any purchases under the Offer with a broker that will allow Enerplus to provide standard instructions and purchase Common Shares in the open market during trading periods. self-imposed ban. Outside of these blackout periods, common shares may be purchased at management’s discretion.

Under its previous public tender offer, Enerplus repurchased a total of 25,565,811 common shares at a weighted average price of $11.14 per share, excluding brokerage fees, which represents all of the common shares that Enerplus has applied for and has been granted approval to purchase under such prior public offering. Purchases were made on the open market.

About Enerplus

Enerplus is an independent North American exploration and production company focused on creating long-term value for its shareholders through a disciplined capital allocation strategy and a commitment to safe and responsible operations.

Forward-looking statements

Certain statements and other information included in this press release constitute “forward-looking information” within the meaning of applicable Canadian securities laws or constitute “forward-looking statements” within the meaning of applicable United States securities laws (collectively, the “statements forward-looking statements”). All statements in this press release, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to, Enerplus’ intention to initiate a offer and the timing, methods and amount of any purchase of common stock under the Offer.

These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from these forward-looking statements. All forward-looking statements are qualified by the assumptions set forth or inherent in such forward-looking statements, including the availability of cash for repurchases of Common Shares under the Offer, the existence of other uses of cash resources of ‘Enerplus and compliance with applicable laws and regulations relating to an Offering. Although Enerplus believes that these assumptions are reasonable, this list is not exhaustive of the factors that could affect the forward-looking statements and the reader should not place undue reliance on these assumptions and forward-looking statements.

Events or circumstances that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: general economic, market and business conditions, and other factors detailed from time to time in Enerplus’ reports filed with Canadian securities regulators and the Securities and Exchange Commission United States.

Enerplus disclaims any intention or obligation to update or revise any forward-looking statement contained in this press release as a result of new information or future events, except as may be required under U.S. federal securities laws. applicable or applicable Canadian securities laws.

SOURCEEnerplus Corporation


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