CALGARY, April 27, 2018 /CNW/ - Imperial Oil Limited
today announced it has received final acceptance from the Toronto
Stock Exchange to amend its normal course issuer bid (NCIB) to
increase the number of common shares that it may repurchase.
Under the amendment, the number of common shares that may be
repurchased will increase from up to three percent to up to five
percent of its 846,530,905 outstanding common shares as of
June 13, 2017, or a maximum of
42,326,545 shares during the 12-month period from June 27, 2017 to June 26,
2018. This amended maximum will be reduced by the number of
shares purchased from Exxon Mobil Corporation (ExxonMobil),
Imperial's majority shareholder, as described below. No other terms
of the NCIB have been
amended.
Purchases under the amended NCIB are eligible to begin on
May 2, 2018. The NCIB will end should
the company purchase the maximum allowable number of shares, or on
June 26, 2018.
ExxonMobil will be permitted to sell its shares to Imperial
outside of, but concurrent with, the NCIB in order to maintain its
proportionate share ownership at approximately 69.6 percent.
ExxonMobil advised Imperial that it intends to participate, as it
has in prior years.
All share purchases will be made through the Toronto Stock
Exchange and through other designated exchanges and published
markets in Canada. Shares
purchased under the NCIB are restored to the status of authorized
but unissued shares.
Under its current NCIB, as of April 26,
2018, Imperial has purchased 6,371,078 shares on the open
market and a corresponding 14,582,359 shares from ExxonMobil to
maintain its proportionate share ownership at 69.6 percent,
representing a total cost of about $773
million and an average cost of $36.90 per share.
After more than a century, Imperial continues
to be an industry leader in applying technology and innovation to
responsibly develop Canada's
energy resources. As Canada's
largest petroleum refiner, a major producer of crude oil, a key
petrochemical producer and a leading fuels marketer from coast to
coast, our company remains committed to high standards across all
areas of our business.
SOURCE Imperial Oil Limited