CALGARY, AB, Dec. 31, 2021 /PRNewswire/ - Enbridge Inc.
(TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today
that the Toronto Stock Exchange (TSX) has approved the Company's
normal course issuer bid (NCIB) to purchase, for cancellation, up
to 31,062,331 of its outstanding common shares to an aggregate
amount of up to $1.5 billion.
Purchases under the NCIB may be made through the facilities of
the TSX, the New York Stock Exchange (NYSE) and other designated
exchanges and alternative trading systems, commencing on
January 5, 2022 and continuing until
January 4, 2023, when the bid
expires, or such earlier date on which the Company has either
acquired the maximum number of common shares allowable under the
NCIB or otherwise decides not to make any further repurchases under
the NCIB. The maximum number of common shares that Enbridge may
repurchase for cancellation represents approximately 1.53% of the
2,026,085,179 common shares issued and outstanding as at
December 22, 2021.
Share repurchases made pursuant to the Company's NCIB will be
predicated upon maintaining a strong balance sheet, performance of
the business, and the availability and attractiveness of
alternative capital investment opportunities. The price that
Enbridge will pay for common shares in open market transactions
will be the market price at the time of purchase and common shares
purchased under the NCIB will be cancelled. The actual number of
common shares purchased under the NCIB, the timing of purchases,
and the price at which the common shares are acquired will depend
upon future market conditions.
The NCIB will be effected in accordance with the TSX's NCIB
rules and Rule 10b-18 under the U.S.
Securities Exchange Act of 1934, as amended, which contain
restrictions on the number of common shares that may be purchased
on a single day, subject to certain exceptions for block purchases,
based on the average daily trading volumes of Enbridge's common
shares on the applicable exchange. Subject to exceptions for block
purchases, Enbridge will limit daily purchases of common shares on
the TSX in connection with the NCIB to no more than 25 percent
(1,929,706 common shares) of the average daily trading volume of
the common shares on the TSX from June 1,
2021 to and including November 30,
2021 (7,718,824 common shares) during any trading day.
The Company has engaged TD Securities Inc. as its broker to
effect repurchases of the Company's common shares under the NCIB
within a defined set of criteria.
About Enbridge Inc.
Enbridge Inc. is a leading North American energy
infrastructure company. We safely and reliably deliver the energy
people need and want to fuel quality of life. Our core businesses
include Liquids Pipelines, which transports approximately 25
percent of the crude oil produced in North America; Gas Transmission and Midstream,
which transports approximately 20 percent of the natural gas
consumed in the U.S.; Gas Distribution and Storage, which serves
approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which
owns approximately 1,766 megawatts (net) in renewable power
generation capacity in North
America and Europe. The
Company's common shares trade on the Toronto and New
York stock exchanges under the symbol ENB. For more
information, visit www.enbridge.com.
Forward-Looking Information
Forward-looking information, or forward-looking statements,
have been included in this news release to provide information
about Enbridge and its subsidiaries and affiliates, including
management's assessment of Enbridge and its subsidiaries' future
plans and operations. This information may not be appropriate for
other purposes. Forward-looking statements are typically identified
by words such as ''anticipate'', ''expect'', ''project'',
''estimate'', ''forecast'', ''plan'', ''intend'', ''target'',
''believe'', "likely", "will" and similar words suggesting future
outcomes or statements regarding an outlook. Forward-looking
information or statements in this news release include statements
with respect to Enbridge's intention to commence the NCIB, the
purpose of the NCIB, and the timing, methods and quantity of any
purchases of common shares under the NCIB.
Although Enbridge believes these forward-looking statements
are reasonable based on the information available on the date such
statements are made and processes used to prepare the information,
such statements are not guarantees of future performance and
readers are cautioned against placing undue reliance on
forward-looking statements. By their nature, these statements
involve a variety of assumptions, known and unknown risks and
uncertainties and other factors, which may cause actual results,
levels of activity and achievements to differ materially from those
expressed or implied by such statements. Assumptions regarding the
expected supply of and demand for crude oil, natural gas, NGL and
renewable energy, and the prices of these commodities, are material
to and underlie all forward-looking statements, as they may impact
current and future levels of demand for the Company's services.
Similarly, energy transition, including the drivers and pace
thereof, the COVID-19 pandemic, exchange rates, inflation and
interest rates impact the economies and business environments in
which the Company operates and may impact levels of demand for the
Company's services and cost of inputs, and are therefore inherent
in all forward-looking statements. Due to the interdependencies and
correlation of these macroeconomic factors, the impact of any one
assumption on a forward-looking statement cannot be determined with
certainty.
Enbridge's forward-looking statements are subject to risks
and uncertainties, including but not limited to those risks and
uncertainties discussed in this news release and in the Company's
other filings with Canadian and United
States securities regulators. The impact of any one risk,
uncertainty or factor on a particular forward-looking statement is
not determinable with certainty as these are interdependent and
Enbridge's future course of action depends on management's
assessment of all information available at the relevant time.
Except to the extent required by applicable law, Enbridge assumes
no obligation to publicly update or revise any forward-looking
statements made in this news release or otherwise, whether as a
result of new information, future events or otherwise. All
subsequent forward-looking statements, whether written or oral,
attributable to Enbridge or persons acting on the Company's behalf,
are expressly qualified in their entirety by these cautionary
statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Media
Toll Free: (888) 992-0997
Email: media@enbridge.com
Investment Community
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com
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SOURCE Enbridge Inc.