Keyera Announces Inaugural Normal Course Issuer Bid
Keyera Announces Inaugural Normal Course Issuer Bid |
| [28-November-2024] |
CALGARY, AB, Nov. 28, 2024 /CNW/ - Keyera Corp. (TSX: KEY) ("Keyera" or the "Company") announced today that the Toronto Stock Exchange ("TSX") has accepted the Company's notice of intention to implement a Normal Course Issuer Bid ("NCIB") with respect to its issued and outstanding common shares (the "Common Shares"). Keyera remains committed to allocating capital in a manner that will drive the highest value for shareholders. Keyera believes that the market price of its Common Shares could be such that their purchase may be an attractive and appropriate use of corporate funds. Decisions regarding the amount and timing of future purchases of Common Shares will be based on market conditions, share price and other factors. Under the NCIB, Keyera can purchase and cancel up to approximately 2.5% of the Company's 229,153,373 Common Shares issued and outstanding as the date hereof, or 5,700,000 Common Shares, between December 3, 2024 and December 2, 2025, in accordance with the applicable rules and policies of the TSX and applicable securities laws. The NCIB will terminate at the earlier of December 2, 2025 and the date on which the maximum allowable number of Common Shares that can be acquired under the NCIB have been purchased. Pursuant to the NCIB terms, the daily maximum number of Common Shares that can be purchased by the Company under the NCIB is 280,671 Common Shares, representing 25% of the average daily trading volume of 1,122,686 Common Shares for the six-month period ended October 31, 2024. However, one block purchase over the daily maximum purchase limit is permitted per calendar week. The price that the Company will pay for Common Shares purchased under the NCIB will be the market price at the time of purchase. All purchases under the NCIB will be made through the facilities of the TSX. Common Shares acquired under the NCIB will be cancelled. About Keyera Corp. Keyera Corp. (TSX: KEY) operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage and marketing; iso-octane production and sales; and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely and in an environmentally and financially responsible manner. Forward-Looking Statements This news release contains forward-looking information and statements (collectively, "forward-looking information") pertaining to the NCIB, Common Shares which may be purchased thereunder and related matters. Forward-looking information is typically identified by words such as "anticipate", "expect", "may", "will", "can", "should", "would", "plan", "intend", "believe", "target", and similar words or expressions, including the negatives or variations thereof. All statements other than statements of historical fact contained in this document are forward-looking information, including without limitation, statements regarding Keyera's intentions with respect to the NCIB, plans for allocating capital, and the timing for purchases of Common Shares under the NCIB. There can be no assurance that Keyera will repurchase all or any of the Common Shares referred to in this news release under the NCIB. In particular, the purchase of Common Shares under the NCIB will depend, among other things, on prevailing market conditions and price of the Common Shares. All forward-looking information is based on a number of risks, expectations, assumptions and uncertainties that Keyera has used to develop such information, but which may prove to be incorrect. While Keyera believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Keyera can give no assurance that such expectations will prove to be correct. The forward-looking information in this news release is made as of the date hereof, and except as required by applicable securities law, Keyera undertakes no obligation to update publicly or revise any of the forward-looking information, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws. Additional Information Dan Cuthbertson, General Manager, Investor Relations Email: ir@keyera.com
SOURCE Keyera Corp. | ||
Company Codes: Toronto:KEY |
