All financial figures are in Canadian dollars, unless otherwise indicated
CALGARY, AB, August 26, 2021 / PRNewswire / – Gibson Energy Inc. today announced the renewal of its normal course issuer bid (“NCIB”).
Gibson’s Board of Directors has approved the renewal of the Company’s Tender Offer, and the Toronto Stock Exchange (the “TSX”) has accepted Gibson’s Notice of Intent to Begin its Offer for an Additional Term one year. This allows the Company to purchase and cancel up to 10%, or 11,715,229, of the free float for the issued and outstanding common shares in the August 26, 2021 in the next 12 months starting August 31, 2021 in accordance with applicable TSX rules and policies and applicable securities laws. As of the date hereof, the Company had 146,526,283 common shares issued and outstanding.
Pursuant to the tender offer, the common shares may be repurchased in open market trading on the TSX and / or other Canadian alternative trading platforms. In accordance with TSX rules governing a public tender offer, the total number of common shares that the Company is authorized to purchase is subject to a daily purchase limit of 118,893 common shares, which represents 25% of the daily volume. average of transactions of common shares on the TSX calculated for the six-month period ended July 31, 2021. However, the Company may make one block purchase per calendar week that exceeds the daily redemption restriction. The NCIB will end on the earliest of the following dates: August 30, 2022 and the date on which the maximum number of common shares that may be acquired under the public tender offer was purchased.
The price Gibson will pay for the Common Shares in open market transactions will be the market price at the time of purchase. Gibson continues to believe that the availability of a takeover bid will allow the company to maximize return to shareholders. The actual number of Common Shares available for purchase, if any, and the timing of such purchases will be determined by Gibson based on a number of factors, including continued adherence to its principles of financial governance. Gibson previously purchased a total of 866,546 common shares at a weighted average price of $ 21.41 in the context of a public buyback offer in the normal course of August 31, 2020 and end on August 30, 2021. The number of common shares sought and approved for purchase under this issuer bid was 11,765,180 and the common shares were purchased on the open market through the TSX and / or other trading platforms.
The Company has renewed its automatic purchase plan with its broker, BMO Nesbitt Burns Inc., to facilitate purchases of its common shares. The automatic purchase plan allows the Company to purchase its common shares at any time, including, without limitation, when the Company would not normally be permitted to make purchases due to regulatory restrictions or periods of time. ‘self-imposed ban. Purchases will be made by Gibson’s broker according to parameters prescribed by the TSX and the terms of the parties’ written agreement.
Gibson Energy Inc. (“Gibson” or the “Company”) (TSX: GEI) is a Canadian petroleum infrastructure company primarily engaged in the storage, optimization, processing and collection of crude oil and refined products. Based at Calgary, Alberta, the Company’s activities focus on its main terminal assets located at Hardist and Edmonton, Alberta, and include the installation of Moose Jaw and an infrastructure position in the United States
Gibson’s shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information visit www.gibsonenergy.com.
Certain statements contained in this press release constitute forward-looking information and statements (collectively, “forward-looking statements”), including, but not limited to, statements regarding the public tender offer, the common shares may be. purchased under the Offer and related matters. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ” anticipate ”, ” plan ”, ” contemplate ”, ” continue ”, ” estimate ”, ” anticipate ”, ” have the intention ”, ” propose ”, ” might ”, ” might ”, ” will ”, ” must ”, ” plan ”, ” should ”, ” might ‘ ‘,’ ‘would’ ‘,’ ‘believe’ ‘,’ ‘predict’ ‘,’ ‘predict’ ‘,’ ‘pursue’ ‘,’ ‘potential’ ‘and’ ‘capable’ ‘and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. No assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this press release should not be improperly relied upon. These statements speak only as of the date of this press release. In addition, this press release may contain forward-looking statements and forward-looking information attributed to third-party industry sources. The Company does not undertake any obligation to publicly update or revise forward-looking statements, except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements due to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in the “Forward-looking statements” and the “Risk Factors” included. in the Annual Information Form dated February 22, 2021 as filed on SEDAR and available on Gibson’s website at www.gibsonenergy.com.
For more information, please contact:
Vice-President, Strategy, Planning and Investor Relations
Telephone: (403) 776-3146
E-mail: [email protected]
SOURCE Gibson Energy ULC