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Frontera Announces Terms of CAD$91 Million (US$65 Million) Substantial Issuer Bid
Frontera Announces Terms of CAD$91 Million (US$65 Million) Substantial Issuer Bid Canad...
About this update from Frontera Energy Corporation
[{"type":"text","content":"\n\n\n\n Frontera Announces Terms of CAD$91 Million (US$65 Million) Substantial Issuer Bid\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$1.18\n \n Per Share Distribution or 24.9% Yield (to Frontera's Share Price Prior to the Offer's Announcement) Assuming Full and Pro-Rata Shareholder Participation\n \n\n\n\n Approximately\n \n\n\n US$144 Million\n \n Returned to Shareholders in Last Twelve Months, Including Successful Completion of this Substantial Issuer Bid\n \n\n\n\n Frontera May Consider Additional Strategic Initiatives or Transactions in the Future\n \n\n\n\n\n CALGARY, AB\n \n\n ,\n \n\n May 21, 2025\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 7,583,333 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$91,000,000\n \n (equivalent to\n \n US$65,000,000\n \n ).\n \n\n\n\n Orlando Cabrales\n \n , Chief Executive Officer (CEO), Frontera, commented\n \n :\n \n\n\n \"With the successful ODL pipeline recapitalization now complete, Frontera is following through on its commitment to return significant value to its stakeholders by distributing\n \n CAD$91 million\n \n via this share buyback and up to an additional\n \n US$65 million\n \n via the recently announced tender offer and consent solicitation in respect of the Company's 7.875% Senior Secured Notes due 2028.\n \n\n\n\n These efforts are consistent with the Company's strategy of unlocking value and returning capital to its stakeholders. Our proposed\n \n C$12.00\n \n per share offer is in-line with the fundamental ...