Business
Frontera Announces CAD$40.5 Million (US$30 million) Substantial Issuer Bid and Redetermined Paid-Up Capital Estimate of CAD$14.98 Per Share
Frontera Announces CAD$40.5 Million (US$30 million) Substantial Issuer Bid and Redetermined Paid-...
About this update from Frontera Energy Corporation
[{"type":"text","content":"\n\n\n\n Frontera Announces CAD$40.5 Million (US$30 million) Substantial Issuer Bid and Redetermined Paid-Up Capital Estimate of CAD$14.98 Per Share\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n Offer Results in a\n \n CAD$0.48\n \n Per Share Distribution or 6.6% Yield (to Frontera's Share Price Prior the Offer's Announcement) Assuming Full and Pro-Rata Shareholder Participation\n \n\n\n\n Over\n \n US$52 Million\n \n Returned to Stakeholders in 2024, Including Successful Completion of the Offer\n \n\n\n\n Additional Dividends, Share Buybacks, Distributions, Bond Buybacks or Other Investor Initiatives May Be Considered in the Future\n \n\n\n\n\n CALGARY, AB\n \n\n ,\n \n\n Sept. 4, 2024\n \n\n /CNW/ - Frontera Energy Corporation (TSX: FEC) (\"\n \n Frontera\n \n \" or the \"\n \n Company\n \n \") announces that its board of directors (the \"\n \n Board\n \n \") has approved the commencement of a substantial issuer bid (the \"\n \n Offer\n \n \") pursuant to which the Company will offer to purchase from holders (\"\n \n Shareholders\n \n \") of common shares of the Company (the \"\n \n Shares\n \n \") up to 3,375,000 Shares for cancellation at a purchase price of\n \n CAD$12.00\n \n per Share (the \"\n \n Purchase\n \n\n Price\n \n \"), for an aggregate purchase price not exceeding\n \n CAD$40,500,000\n \n (equivalent to\n \n US$30,000,000\n \n ).\n \n\n The Offer is expected to commence on\n \n September 11, 2024\n \n , and remain open for acceptance until\n \n 5:00 p.m. (Eastern time)\n \n on\n \n October 17, 2024\n \n , unless extended, varied, or withdrawn by the Company (the \"\n \n Expiration Date\n \n \"). Pursuant to the Offer, tendering Shareholders will have the right to elect to tender a specified number of Shares.\n \n\n The Company plans to fund the Share repurchases through available cash on hand. The Offer is denominated in Canadian dollars, and Shareholders will have the option to elect to receive payment in either Canadian or\n \n United States\n \n dollars.\n \n\n\n Purpose o...