Summary
Imperial Oil Ltd. (IMO) has announced an amendment to its normal course issuer bid (NCIB), receiving final acceptance from the Toronto Stock Exchange. This amendment significantly increases the number of common shares the company is authorized to repurchase from its outstanding shares. The revised bid allows for the repurchase of up to four percent of its outstanding shares, a substantial increase from the previously permitted 50,000 shares. This move signals the company's continued commitment to returning capital to shareholders. The increased repurchase capacity, up to approximately 29.36 million shares, provides flexibility for share buybacks over the remaining period of the bid. Investors should note that purchases under this amended bid are eligible to commence on May 5, 2021, and the bid will conclude either upon reaching the maximum repurchase limit or by its scheduled end date of June 28, 2021.
Key Highlights
- 1Imperial Oil's Normal Course Issuer Bid (NCIB) has been amended with final acceptance from the Toronto Stock Exchange.
- 2The maximum number of shares that can be repurchased has been increased significantly.
- 3The amended bid allows for repurchases of up to 4% of outstanding shares.
- 4This equates to a maximum of approximately 29,363,070 shares that can be repurchased.
- 5Purchases under the amended bid are set to begin on May 5, 2021.
- 6The NCIB will end either when the maximum share repurchase limit is met or on June 28, 2021.