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Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) has received approval from the Toronto Stock Exchange (TSX) to initiate a normal course issuer bid. The company plans to purchase up to 4,666,445 common shares, representing approximately 10% of its public float. The bid period runs from August 26, 2024, to August 25, 2025. Purchases will be made through TSX facilities and alternative trading platforms in Canada at market prices. The maximum daily purchase limit is set at 29,310 common shares, 25% of the average daily trading volume for the previous six months. Journey’s Board believes this move will protect and enhance shareholder value when the share price doesn’t adequately reflect the company’s value.
Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ha ricevuto l’approvazione dalla Borsa di Toronto (TSX) per avviare un’offerta di acquisto di azioni nell’ambito della normale attività dell’emittente. L’azienda prevede di acquistare fino a 4.666.445 azioni ordinarie, che rappresentano circa il 10% del flottante pubblico. Il periodo dell’offerta va dal 26 agosto 2024 al 25 agosto 2025. Gli acquisti saranno effettuati attraverso le strutture della TSX e le piattaforme di trading alternative in Canada a prezzi di mercato. Il limite massimo di acquisto giornaliero è fissato a 29.310 azioni ordinarie, che corrisponde al 25% del volume medio quotidiano degli scambi degli ultimi sei mesi. Il Consiglio di Amministrazione di Journey ritiene che questa mossa proteggerà e aumenterà il valore per gli azionisti quando il prezzo delle azioni non riflette adeguatamente il valore dell’azienda.
Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ha recibido la aprobación de la Bolsa de Valores de Toronto (TSX) para iniciar una oferta de compra de acciones en el curso normal del emisor. La empresa planea adquirir hasta 4,666,445 acciones ordinarias, lo que representa aproximadamente el 10% de su flotación pública. El período de la oferta va desde 26 de agosto de 2024 hasta 25 de agosto de 2025. Las compras se realizarán a través de las instalaciones de la TSX y plataformas de negociación alternativas en Canadá a precios de mercado. El límite máximo de compra diario se establece en 29,310 acciones ordinarias, el 25% del volumen medio diario de negociación durante los últimos seis meses. La Junta de Journey cree que esta medida protegerá y aumentará el valor para los accionistas cuando el precio de las acciones no refleje adecuadamente el valor de la empresa.
저니 에너지 주식회사 (TSX: JOY) (OTCQX: JRNGF)는 토론토 증권거래소(TSX)로부터 정상적인 발행자 입찰을 시작할 수 있는 승인을 받았습니다. 회사는 4,666,445주 일반주식을 매입할 예정이며, 이는 공모 유통주식의 약 10%에 해당합니다. 입찰 기간은 2024년 8월 26일부터 2025년 8월 25일까지입니다. 매입은 TSX의 시설과 캐나다의 대체 거래 플랫폼을 통해 시장 가격으로 이루어질 것입니다. 최대 일일 매입 한도는 29,310주 일반주식으로, 이는 지난 6개월 동안의 평균 일일 거래량의 25%에 해당합니다. 저니의 이사회는 주가가 회사의 가치를 적절하게 반영하지 않을 때 이 조치가 주주 가치를 보호하고 향상시킬 것이라고 믿고 있습니다.
Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) a reçu l’approbation de la Bourse de Toronto (TSX) pour initier une offre d’achat normale de titres. L’entreprise prévoit d’acheter jusqu’à 4 666 445 actions ordinaires, représentant environ 10 % de son flottant public. La période d’offre s’étend du 26 août 2024 au 25 août 2025. Les achats seront effectués par l’intermédiaire des installations de la TSX et des plates-formes de négociation alternatives au Canada à des prix de marché. La limite maximale d’achat quotidienne est fixée à 29 310 actions ordinaires, soit 25 % du volume moyen des transactions quotidiennes des six derniers mois. Le Conseil d’administration de Journey estime que cette initiative protégera et renforcera la valeur pour les actionnaires lorsque le prix des actions ne reflète pas adéquatement la valeur de l’entreprise.
Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) hat die Genehmigung der Toronto Stock Exchange (TSX) erhalten, ein reguläres Kaufangebot für eigene Aktien zu initiieren. Das Unternehmen plant den Erwerb von bis zu 4.666.445 Stammaktien, was etwa 10 % des öffentlichen Streubesitzes entspricht. Der Angebotszeitraum läuft vom 26. August 2024 bis zum 25. August 2025. Die Käufe erfolgen über die TSX-Einrichtungen und alternative Handelsplattformen in Kanada zu Marktpreisen. Das maximale tägliche Kauflimit ist auf 29.310 Stammaktien festgelegt, was 25 % des durchschnittlichen täglichen Handelsvolumens der letzten sechs Monate entspricht. Der Vorstand von Journey ist der Meinung, dass dieser Schritt den Wert für die Aktionäre schützt und steigert, wenn der Aktienkurs den Unternehmenswert nicht angemessen widerspiegelt.
Positive
- Approval received from TSX for normal course issuer bid
- Potential to repurchase up to 10% of public float
- Opportunity to enhance shareholder value through share buybacks
Calgary, Alberta–(Newsfile Corp. – August 21, 2024) – Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (“Journey“, or the “Company“) announced today that it has received approval from the Toronto Stock Exchange (the “TSX“) to undertake a proposed normal course issuer bid (the “Bid“) to purchase up to 4,666,445 common shares, representing approximately 10% of the public float of Journey’s outstanding common shares as of August 14, 2024. Purchases under the Bid will be made through the facilities of the TSX, alternative trading platforms in Canada and at market prices under the normal course issuer bid rules of the TSX. The Bid period commences on August 26, 2024 and terminates on August 25, 2025, or such earlier date as Journey may complete its purchases or provide notice of termination. All common shares purchased under the Bid will be cancelled. The actual number of common shares purchased, the time of purchases and the price at which the common shares will be acquired will depend on future market conditions.
As of August 14, 2024, Journey has 61,349,804 common shares issued and outstanding, of which 46,664,453 represents the public float. Under the rules of the TSX and subject to certain exemptions for block purchases, the maximum number of common shares that Journey may purchase on any one trading day is 29,310 common shares, representing 25% of the average daily trading volume of 117,242 common shares for the previous six calendar months.
The Board of Directors of Journey believes that, from time to time, Journey’s share price does not adequately reflect the value of such shares in relation to the business, assets and future prospects of the Company. Repurchasing common shares can protect and enhance shareholder value and as such, represents a desirable use of available funds.
About the Company
Journey is a Canadian exploration and production company focused on conventional, oil-weighted operations in western Canada. Journey seeks to optimize its legacy oil pools on existing lands through the application of best practices in horizontal drilling and, where feasible, with water floods.
Advisories
Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, which involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Journey, including, without limitation, those listed under “Risk Factors” and “Forward Looking Statements” in the Annual Information Form of Journey dated March 28, 2024. Forward-looking information may relate to our future outlook and anticipated events or results and may include statements regarding the business strategy and plans and objectives. Particularly, forward-looking information in this press release includes, but is not limited to, statements and information concerning potential future purchases by Journey of its common shares pursuant to the Bid. Journey cautions investors in Journey’s securities about important factors that could cause Journey’s actual results to differ materially from those projected in any forward-looking statements included in this press release. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. No assurance can be given that the expectations set out herein will prove to be correct and accordingly, you should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time except as required by applicable securities law.
No securities regulatory authority has either approved or disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220742
FAQ
How many shares can Journey Energy (JRNGF) repurchase under the normal course issuer bid?
Journey Energy can repurchase up to 4,666,445 common shares, which represents approximately 10% of the public float as of August 14, 2024.
What is the duration of Journey Energy’s (JRNGF) normal course issuer bid?
The normal course issuer bid period for Journey Energy runs from August 26, 2024, to August 25, 2025, unless completed or terminated earlier.
What is the maximum daily purchase limit for Journey Energy (JRNGF) under the normal course issuer bid?
The maximum daily purchase limit for Journey Energy is 29,310 common shares, which represents 25% of the average daily trading volume for the previous six calendar months.
Why is Journey Energy (JRNGF) initiating a normal course issuer bid?
Journey Energy’s Board believes that the share price sometimes doesn’t adequately reflect the company’s value, and repurchasing shares can protect and enhance shareholder value.
