Business
Commencement of Share Buyback and Dividend Timetable
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - May 16, 2023) - PetroTal Corp. (TSX: TAL) ...
About this update from Petrotal Corp.
[{"type":"text","content":"Commencement of Share Buyback and Dividend TimetableCalgary, Alberta and Houston, Texas--(Newsfile Corp. - May 16, 2023) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) (\"PetroTal\" or the \"Company\") is pleased to announce the commencement of its previously announced share buyback plan, following approval by the Toronto Stock Exchange (\"TSX\") of its normal course issuer bid (\"NCIB\"). PetroTal further announces today that the Q1 2023 dividend of US$0.015/share will be paid on June 15, 2023. Q1 2023 Dividend TimetablePetroTal is pleased to confirm that its cash dividend of US$0.015 per common share in respect of Q1 2023 operations will paid according to the following timetable:Ex-dividend date: May 30, 2023Record date: May 31, 2023Payment date: June 15, 2023The dividend is an eligible dividend for the purposes of the Income Tax Act (Canada). Shareholders outside of Canada should contact their respective brokers or registar agents for the appropriate tax election forms regarding this dividend.Commencement of the Share Buyback PlanPetroTal is pleased to commence a share buyback plan of approximately US$3 million per quarter (up to a maximum of US$12 million in the current program), following approval by the TSX of the Company's NCIB program (\"Program\"). The Company has entered into a buyback agreement with Stifel Nicolaus Europe Limited (\"Stifel\"), who will conduct the Program on PetroTal's behalf. PetroTal expects that the NCIB will provide an additional tool to enhance total long-term shareholder returns. The Company believes that, at times, the prevailing share price does not reflect the underlying value of the common shares and the repurchase of its common shares for cancellation represents an attractive opportunity to improve PetroTal's per share metrics and thereby increase the value of the common shares. The NCIB allows PetroTal to purchase up to 44,230,205 common shares, representing approximately 5% of its issued and outstanding common shares as at May 12, 2023, over a 12-month period commencing on May 18, 2023 and ending no later than May 17, 2024. Under the NCIB, purchases of common shares may be made through the facilities of the TSX, alternative trading systems in Canada (if eligible), and AIM, a market operated by the London Stock Exchange in accordance with applicable regulatory requirements. Purchas...