CALGARY,
AB, May 17, 2023 /CNW/ - Whitecap Resources
Inc. ("Whitecap") (TSX: WCP) is pleased to announce that all
matters presented for approval at the annual meeting of
shareholders held today have been fully authorized and approved. A
total of 263,085,415 common shares representing 43.63% of
Whitecap's issued and outstanding common shares were voted in
connection with the meeting.
At the meeting, by ordinary resolution, the number of directors
to be elected at the meeting was fixed at ten. The results of the
ballot were as follows:
Votes For (Percentage)
257,978,197
(99.68%)
At the meeting, all of the nominees proposed as directors were
duly elected as directors of Whitecap with a majority of votes cast
by the shareholders present or represented at the meeting as
follows:
Name of
Nominee
|
Votes For
(Percentage)
|
Mary-Jo E.
Case
|
256,056,089
(98.93 %)
|
Grant B.
Fagerheim
|
257,349,882
(99.43 %)
|
Daryl H.
Gilbert
|
249,955,653
(96.58 %)
|
Chandra A.
Henry
|
257,349,481
(99.43 %)
|
Vineeta
Maguire
|
257,559,723
(99.51 %)
|
Glenn A.
McNamara
|
244,081,830
(94.31 %)
|
Stephen C.
Nikiforuk
|
253,158,091
(97.81 %)
|
Kenneth S.
Stickland
|
254,162,370
(98.20 %)
|
Bradley J.
Wall
|
247,161,814
(95.50 %)
|
Grant A.
Zawalsky
|
256,814,462
(99.23 %)
|
PricewaterhouseCoopers LLP was appointed as auditors of Whitecap to
hold office until the next annual meeting, and the directors were
authorized to fix their remuneration. The results of the ballot
were as follows:
Votes For (Percentage)
261,533,176
(99.41%)
In addition, a non-binding advisory resolution concerning
Whitecap's approach to executive compensation was approved. The
results of the ballot were as follows:
Votes For (Percentage)
252,393,397
(97.52%)
Whitecap is also pleased to announce that the Toronto Stock
Exchange (the "TSX") has accepted Whitecap's notice of
intention to commence a normal course issuer bid (the
"NCIB"). The NCIB allows Whitecap to purchase up to
59,724,590 common shares (representing 10% of Whitecap's
public float, as defined by the TSX, as of May 9, 2023) over a period of twelve months
commencing on May 23, 2023. On
May 9, 2023, Whitecap
had 605,542,957 common shares outstanding and
597,245,909 common shares in its public float. The NCIB will
expire no later than May 22,
2024.
Under the NCIB, common shares may be repurchased on the open
market through the facilities of the TSX, other designated
exchanges and/or alternative Canadian trading systems and in
accordance with the rules of the TSX governing normal course issuer
bids. The total number of common shares Whitecap is permitted to
purchase is subject to a daily purchase limit of 569,660 common
shares, representing 25% of the average daily trading volume of
2,278,643 common shares on the TSX calculated for the
six-month period ended April 30,
2023, however, Whitecap may make one block purchase per
calendar week which exceeds such daily repurchase restrictions. Any
common shares that are purchased under the NCIB will be cancelled
upon their purchase by Whitecap.
Whitecap is permitted to repurchase 58,341,984 common shares
under its current normal course issuer bid that runs from
May 21, 2022 to May 20, 2023. As at May 9,
2023, Whitecap had repurchased an aggregate of 17,910,600
common shares within the past 12 months under normal course issuer
bids on the open market at a volume weighted average price per
share of $9.33.
Whitecap believes that, at times, the prevailing share price
does not reflect the underlying value of the common shares and the
repurchase of its common shares for cancellation represents an
attractive opportunity to enhance Whitecap's per share metrics and
thereby increase the underlying value of Whitecap's common shares
to its shareholders. The NCIB will be used as another tool to
enhance total long-term shareholder returns and will be used in
conjunction with management's disciplined free funds flow capital
allocation strategy.
In addition, Whitecap confirms that a cash dividend of Cdn.
$0.0483 per common share in respect
of May operations will be paid on June 15,
2023 to shareholders of record on May
31, 2023. This dividend is an eligible dividend for
the purposes of the Income Tax Act (Canada).
About Whitecap
Whitecap Resources Inc. is an
oil-weighted growth company that pays a monthly cash dividend to
its shareholders. Our business is focused on profitable
production growth combined with sustainable dividends to
shareholders. Our objective is to fully fund our capital
expenditures and dividend payments within funds flow. For
further information about Whitecap, please visit our website at
www.wcap.ca.
SOURCE Whitecap Resources Inc.