Suncor Energy (SU) announces Normal Course Issuer Bid
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Suncor (NYSE: SU) announced today that the Toronto Stock Exchange has accepted the notice filed by Suncor of its intention to commence a Normal Course Issuer Bid through the facilities of the TSX, New York Stock Exchange and/or alternative trading platforms. The notice provides that Suncor may, commencing September 20, 2012 and ending September 19, 2013, purchase for cancellation up to $1 billion worth of its common shares.
The actual number of common shares that may be purchased and the timing of any such purchases will be determined by Suncor. All purchases are expected to be made from existing cash. All common shares acquired by Suncor under the Bid will be cancelled.
Suncor believes that, depending on the trading price of its common shares and other relevant factors, purchasing its own shares represents an attractive investment opportunity and is in the best interests of the company and its shareholders.
Between September 6, 2011 and September 5, 2012, and pursuant to Suncor's previously announced Normal Course Issuer Bid, Suncor successfully completed the purchase of $1.5 billion worth of its common shares (50,160,465), at a weighted average price of $29.90 per common share.
Pursuant to the Bid, Suncor has agreed that it will not purchase more than 38,392,005 common shares, being approximately 2.5% of its 1,535,680,218 issued and outstanding common shares as at September 14, 2012. In addition, and subject to the 'block purchase' exemption, Suncor will not acquire through the facilities of the TSX more than 25% of the average daily trading volume of its common shares during a trading day on the TSX, being 903,755 common shares.
The actual number of common shares that may be purchased and the timing of any such purchases will be determined by Suncor. All purchases are expected to be made from existing cash. All common shares acquired by Suncor under the Bid will be cancelled.
Suncor believes that, depending on the trading price of its common shares and other relevant factors, purchasing its own shares represents an attractive investment opportunity and is in the best interests of the company and its shareholders.
Between September 6, 2011 and September 5, 2012, and pursuant to Suncor's previously announced Normal Course Issuer Bid, Suncor successfully completed the purchase of $1.5 billion worth of its common shares (50,160,465), at a weighted average price of $29.90 per common share.
Pursuant to the Bid, Suncor has agreed that it will not purchase more than 38,392,005 common shares, being approximately 2.5% of its 1,535,680,218 issued and outstanding common shares as at September 14, 2012. In addition, and subject to the 'block purchase' exemption, Suncor will not acquire through the facilities of the TSX more than 25% of the average daily trading volume of its common shares during a trading day on the TSX, being 903,755 common shares.
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