Suncor Energy announces Normal Course Issuer Bid
CALGARY, ALBERTA -- (Marketwire) -- 09/17/12 -- Suncor announced
today that the Toronto Stock Exchange (TSX) has accepted the notice
filed by Suncor of its intention to commence a Normal Course Issuer
Bid (the Bid) through the facilities of the TSX, New York Stock
Exchange and/or alternative trading platforms. The notice provides
that Suncor may, commencing September 20, 2012 and ending September
19, 2013, purchase for cancellation up to $1 billion worth of its
The actual number of common shares that may be purchased and the
timing of any such purchases will be determined by Suncor. All
purchases are expected to be made from existing cash. All common
shares acquired by Suncor under the Bid will be cancelled.
Suncor believes that, depending on the trading price of its common
shares and other relevant factors, purchasing its own shares
represents an attractive investment opportunity and is in the best
interests of the company and its shareholders.
Between September 6, 2011 and September 5, 2012, and pursuant to
Suncor's previously announced Normal Course Issuer Bid, Suncor
successfully completed the purchase of $1.5 billion worth of its
common shares (50,160,465), at a weighted average price of $29.90 per
Pursuant to the Bid, Suncor has agreed that it will not purchase more
than 38,392,005 common shares, being approximately 2.5% of its
1,535,680,218 issued and outstanding common shares as at September
14, 2012. In addition, and subject to the 'block purchase' exemption,
Suncor will not acquire through the facilities of the TSX more than
25% of the average daily trading volume of its common shares during a
trading day on the TSX, being 903,755 common shares.
Certain statements in this news release constitute "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable Canadian securities
legislation (collectively, "forward-looking statements"). All
forward-looking statements are based on Suncor's current
expectations, estimates, projections, beliefs and assumptions based
on information available at the time the statement was made and in
light of Suncor's experience and its perception of historical trends.
Forward-looking statements in this news release include references
to: the expectation that purchases pursuant to the Bid will be made
from existing cash; and Suncor's belief that purchasing its own
shares represents an attractive investment opportunity and is in the
best interests of the company and its shareholders.
Suncor's Earnings Release and Quarterly Report for the second quarter
of 2012 and its most recently filed Annual Information Form/Form
40-F, Annual Report to Shareholders and other documents it files from
time to time with securities regulatory authorities describe the
risks, uncertainties, material assumptions and other factors that
could influence actual results and such factors are incorporated
herein by reference. Copies of these documents are available without
charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3Y7,
by calling 1-800-558-9071, or by email request to email@example.com or
by referring to the company's profile on SEDAR at www.sedar.com or
EDGAR at www.sec.gov. Except as required by applicable securities
laws, Suncor disclaims any intention or obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Suncor Energy Inc. is Canada's premier integrated energy company.
Suncor's operations include oil sands development and upgrading,
conventional and offshore oil and gas production, petroleum refining,
and product marketing under the Petro-Canada brand. While working to
responsibly develop petroleum resources, Suncor is also developing a
growing renewable energy portfolio. Suncor's common shares (symbol:
SU) are listed on the Toronto and New York stock exchanges.
For more information about Suncor please visit our web site at
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