All financial figures are in Canadian dollars.
CALGARY,
AB, Sept. 13, 2023 /PRNewswire/ - Gibson
Energy Inc. ("Gibson" or the "Company"), (TSX: GEI), announced
today the renewal of its Normal Course Issuer Bid ("NCIB").
Gibson's Board of Directors has approved a renewal of the
Company's NCIB, and the Toronto Stock Exchange (the "TSX") has
accepted Gibson's notice of intention to commence its NCIB for an
additional one-year period. This enables the Company to purchase
and cancel up to 7.5% or 9,812,193 of the public float for the
issued and outstanding common shares as of September 5, 2023 over the next 12 months
commencing September 15, 2023 in
accordance with the applicable rules and policies of the TSX
and applicable securities laws. As of September 5, 2023, the Company had 161,651,572
common shares issued and outstanding.
Under the NCIB, common shares may be repurchased in open market
transactions on the TSX, and/or other Canadian alternative trading
platforms. In accordance with the rules of the TSX governing a
NCIB, the total number of common shares the Company is permitted to
purchase is subject to a daily purchase limit of 212,613 common
shares, representing 25% of the average daily trading volume of
common shares on the TSX calculated for the six-month period ended
August 31, 2023. The NCIB will
terminate at the earlier of September 14,
2024 and the date on which the maximum number of common
shares that can be acquired pursuant to the NCIB have been
purchased.
The price that Gibson will pay for 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 NCIB
will enable the Company to maximize return to shareholders. The
actual number of common shares that may be purchased, if any, and
the timing of any such purchases, will be determined by Gibson
based on several factors, including the continued adherence to its
Financial Governing Principles. Gibson previously purchased an
aggregate of 5,639,800 common shares at a weighted average price of
$23.42 under a normal course issuer
bid that commenced on August 31, 2022
and ended on August 30, 2023. The
number of common shares sought and approved for purchase under
such NCIB was 11,680,739 and the common shares were purchased
on the open market through the facilities of the TSX and/or
alternative 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 for purchases by
the Company of its common shares at any time, including, without
limitation, when the Company would ordinarily not be permitted to
make purchases due to regulatory restriction or self-imposed
blackout periods. Purchases will be made by Gibson's broker based
upon the parameters prescribed by the TSX and the terms of the
parties' written agreement.
About Gibson
Gibson is a leading liquids
infrastructure company with its principal businesses consisting of
the storage, optimization, processing, and gathering of liquids and
refined products. Headquartered in Calgary, Alberta, the Company's operations are located
across North America, with core terminal assets
in Hardisty and Edmonton, Alberta, Ingleside,
Texas, and including a facility in
Moose Jaw, Saskatchewan.
Gibson shares trade under the symbol GEI and are listed on the
Toronto Stock Exchange. For more information, visit
www.gibsonenergy.com.
Forward-Looking Statements
Certain statements
contained in this news release constitute forward-looking
information and statements (collectively, "forward-looking
statements") including, but not limited to, statements concerning
the NCIB, common shares which may be purchased under the NCIB 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'', ''expect'', ''intend'', ''propose'', ''might'',
''may'', ''will'', ''shall'', ''project'', ''should'', ''could'',
''would'', ''believe'', ''predict'', ''forecast'', ''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 such forward-looking statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not
be unduly relied upon. These statements speak only as of the date
of this news release. In addition, this news release may contain
forward-looking statements and forward-looking information
attributed to third party industry sources. The Company does not
undertake any obligations to publicly update or revise any
forward-looking statements except as required by securities law.
Actual results could differ materially from those anticipated in
these forward-looking statements as a result of numerous risks and
uncertainties including, but not limited to, the risks and
uncertainties described in "Forward-Looking Statements" and "Risk
Factors" included in the Company's Annual Information Form dated
February 22, 2023 as filed on SEDAR+
and available on the Gibson website at
www.gibsonenergy.com.
For further information, please contact:
Beth Pollock
Vice President, Capital Markets & Risk
Phone: (403) 776-3147
Email: beth.pollock@gibsonenergy.com
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SOURCE Gibson Energy Inc.