Canadian Natural Resources Ltd. (CNQ: Quote, CNQ.TO) said that Toronto Stock Exchange has accepted notice filed by Canadian Natural of its intention to make a Normal Course Issuer Bid through the facilities of Toronto Stock Exchange. Purchases may also be made through the facilities of the New York Stock Exchange.
The notice provides that Canadian Natural may, during the 12 month period starting April 9, 2012 and ending April 8, 2013, purchase for cancellation on Toronto Stock Exchange and the New York Stock Exchange up to 55.03 million shares, being 5% of the 1.1 billion outstanding common shares as at March 31, 2012.
Canadian Natural noted that it will not acquire more than 25% of the average daily trading volume of its common shares during a trading day, being 846,351 common shares. The price which Canadian Natural will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by Canadian Natural.
Canadian Natural, pursuant to a Normal Course Issuer Bid that ends April 5, 2012, purchased for cancellation to March 31, 2012 at a weighted average price of C$36.22 per common share, 3.49 million of its outstanding common shares.
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by RTT Staff Writer
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