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TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. ANNOUNCES NORMAL COURSE ISSUER BID
TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. ANNOUNCES NORMAL COURSE ISSUER BID Canada N...
About this update from Tidewater Midstream & Infrastructure Ltd.
[{"type":"text","content":"\n \n \n \n TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. ANNOUNCES NORMAL COURSE 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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n March 7, 2024\n \n /CNW/ - Tidewater Midstream and Infrastructure Ltd. (\"Tidewater\" or the \"Corporation\") (TSX: TWM) is pleased to announce that it has received Toronto Stock Exchange (\"TSX\") approval of the Corporation's notice of intention to make a Normal Course Issuer Bid (\"NCIB\"). The NCIB will commence on\n \n March 11, 2024\n \n and end on\n \n March 10, 2025\n \n , or such earlier date as Tidewater may determine or as Tidewater may complete purchases pursuant to the NCIB.\n \n \n \n \n \n \n \n \n \n The purpose of the NCIB is to deploy cash resources from current cash on hand and future free cash flow to purchase common shares in the capital of the Corporation (the \"Shares\") in the open market. Tidewater believes that the market price of the Shares may not reflect the Corporation's intrinsic value and future prospects, and that the purchase of Shares may represent an appropriate use of the Corporation's financial resources to enhance shareholder value.\n \n \n Tidewater have received TSX approval to purchase the maximum allowable number of Shares of the next 12 month period, being 31,346,603 Shares, representing approximately 10% of the public float of Shares as at\n \n February 29, 2024\n \n . The number of outstanding Shares as at\n \n February 29, 2024\n \n was 428,229,583. The actual number of Shares ultimately purchased pursuant to the NCIB will be a function of several factors including, but not limited to, the market price of the Shares, the maximum daily allowable repurchase volume under TSX rules, and other factors deemed relevant by Tidewater. Purchases made pursuant to the NCIB will be made in the open market through the facilities of the TSX or through alternative Canadian trading systems. Shares purchased pursuant to the NCIB will be cancelled. The number of Shares that can be purchased pursuant to the NCIB is subject to a daily maximu...