All financial figures are in Canadian dollars
CALGARY,
AB, Aug. 29, 2022 /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 8,760,553, of the public float
for the issued and outstanding common shares as of August 22, 2022 over the next 12 months
commencing August 31, 2022 in
accordance with the applicable rules and policies of the TSX and
applicable securities laws. As of August 22, 2022, the Company had 146,424,035
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 134,279 common
shares, representing 25% of the average daily trading volume of
common shares on the TSX calculated for the six-month period ended
July 31, 2022. However, the
Company may make one block purchase per calendar week which exceeds
the daily repurchase restriction. The NCIB will terminate at
the earlier of August 30, 2023 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 a number of factors, including the
continued adherence to its Financial Governing Principles.
Gibson previously purchased an aggregate of 2,393,800 common shares
at a weighted average price of $25.34
under a normal course issuer bid that commenced on August 31, 2021 and ends on August 30, 2022. The number of common
shares sought and approved for purchase under such NCIB was
11,715,229 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., in order 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 Canadian-based oil infrastructure company with its
principal businesses consisting of the storage, optimization,
processing, and gathering of crude oil and refined products.
Headquartered in Calgary, Alberta,
the Company's operations are focused around its core terminal
assets located at Hardisty and
Edmonton, Alberta, and also
include the Moose Jaw Facility and an infrastructure position in
the U.S.
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, 2022 as filed on SEDAR
and available on the Gibson website at
www.gibsonenergy.com.
For further information, please contact:
Mark Chyc-Cies
Vice President, Strategy, Planning & Investor Relations
Phone: (403) 776-3146
Email: mark.chyc-cies@gibsonenergy.com
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SOURCE Gibson Energy Inc.