- Pipestone Energy (PIPE) has announced its inaugural normal course issuer bid
- It may purchase up to 9,598,347 common shares or 5 per cent of shares outstanding
- It intends to take advantage of what it perceives to be an undervalued share price
- The NCIB will begin on November 25, 2021, and is due to expire no later than November 24, 2022
- Pipestone is an oil and gas exploration and production company developing its contiguous and condensate-rich Montney asset base in the Pipestone area of Alberta
- Pipestone Energy (PIPE) closed up by 1.71 per cent trading at $3.56 per share
Pipestone Energy (PIPE) has announced its inaugural normal course issuer bid.
The Toronto Stock Exchange has allowed the company to purchase up to 9,598,347 of its common shares, representing 5 per cent of shares outstanding as of November 12, 2021.
It intends to fund the purchases out of available resources to take advantage of what it perceives to be an undervalued share price.
The company is allowed to purchase 55,099 shares per day, representing 25 per cent of the average trading volume over a six-month period. However, it may make one block purchase per calendar week which exceeds the daily repurchase restrictions.
The NCIB will begin on November 25, 2021, and is due to expire no later than November 24, 2022.
Pipestone is an oil and gas exploration and production company developing its contiguous and condensate-rich Montney asset base in the Pipestone area near Grande Prairie, Alberta.
Pipestone Energy (PIPE) closed up by 1.71 per cent trading at $3.56 per share.