Coastal Energy Announces Initiation of Normal Course Issuer Bid
HOUSTON, June 11, 2013 (GLOBE NEWSWIRE) -- Coastal Energy Company (the
"Company" or "Coastal") (TSX:CEN) (AIM:CEO) advises that the TSX ("TSX") has
accepted Coastal's Notice of Intention to make a Normal Course Issuer Bid to
purchase some of its common shares through the facilities of the TSX and
through other Canadian market places. The normal course issuer bid ("NCIB")
will commence on June 14, 2013 and terminate on the earliest of the purchase
of 5,680,241 common shares, Coastal providing a notice of termination, and
June 13, 2014. Any common shares purchased pursuant to the Normal Course
Issuer Bid will be cancelled by the Company.
A copy of the Company's Notice filed with the TSX may be obtained, by any
shareholder without charge, by contacting Coastal's Corporate Secretary.
Coastal seeks to purchase up to 5,680,241 common shares over the course of the
next twelve months, being 5% of its issued and outstanding common shares as of
May 31, 2013. No more than the greater of 25% of the average daily trading
volume of Coastal's listed shares for the period December 1, 2012 – May 31,
2013 (54,542 shares per day) or 1,000 shares will be purchased on the same
trading day. As of June 5, 2013, Coastal had 113,604,820 common shares issued
and outstanding. Purchases will be made in open market transactions by a
registered investment dealer through the facilities of the TSX and through
other Canadian market places, or by such other means as may be permitted by
the TSX, and under applicable laws.
Over the past twelve months, 1,295,450 shares have been purchased, with an
average price of C$14.46.
There can be no assurance as to the precise number of shares that will be
repurchased under the share repurchase program, or the aggregate dollar amount
of the shares purchased.
This news release does not constitute a solicitation of an offer to buy any of
the securities in the United States.
Randy Bartley, President and CEO, commented:
"Coastal believes that it is beneficial to have the flexibility to purchase
its common shares. Depending upon market conditions, purchases of its common
shares at the prevailing market prices may be a prudent investment and in the
best interests of its shareholders."
The purchase of and payment for the common shares of Coastal purchased
pursuant to the NCIB will be made by Coastal in accordance with the policies
and rules of the TSX and the price which Coastal will pay for any such common
shares will be the market price of such common shares at the time of
acquisition. Coastal has retained Credit Suisse Securities (Canada), Inc. as
its broker to conduct the NCIB on behalf of Coastal. Reporting of all activity
under the NCIB will be made in accordance with TSX guidelines and the AIM
In the normal course of business, the Company occasionally receives
expressions of interest in the company, or its assets, from other parties.
While such discussions take place from time to time, should any future
inquiries result in a formal offer, the Company will immediately suspend the
share repurchase program. Furthermore, the Company may choose to suspend the
share repurchase program at any time for any reason regardless of any
expressions of interest.
Additional information, including the Company's complete competent person's
report may be found on the Company's website at www.CoastalEnergy.com or may
be found in documents filed on SEDAR at www.sedar.com.
This statement contains 'forward-looking statements' as defined by the
applicable securities legislation. Statements relating to current and future
drilling results, existence and recoverability of potential hydrocarbon
reserves, production amounts or revenues, forward capital expenditures,
operation costs, oil and gas price forecasts and similar matters are based on
current data and information and should be viewed as forward-looking
statements. Such statements are not guarantees of future results and are
subject to risks and uncertainties beyond Coastal Energy's control. Actual
results may differ substantially from the forward-looking statements.
Coastal Energy Company
+1 (713) 877-6793
Strand Hanson Limited (Nominated Adviser)
+44 (0) 20 7409 3494
Rory Murphy / Andrew Emmott
Macquarie Capital (Europe) Limited (Broker)
+44 (0) 20 3037 2000
FirstEnergy Capital LLP (Broker)
Hugh Sanderson / Travis Inlow
+44 (0) 20 7448 0200
Tim Thompson / Ben Romney
+44 (0) 20 7466 5000
Coastal Energy Company Logo
Press spacebar to pause and continue. Press esc to stop.