Imperial Oil Ltd. (IMO, IMO.TO) announced it has received final acceptance from the Toronto Stock Exchange for a new normal course issuer bid to continue its existing share repurchase program facility that will expire on June 24, 2012.
The new program enables the company to repurchase up to five percent of its 847.6 million outstanding common shares as of June 15, 2012, or a maximum of 42.38 million shares during the next 12 months. That total will be reduced by the number of shares purchased for the company's employee savings plan and employee retirement plan. Shares purchased under the normal course issuer bid are restored to the status of authorized but unissued shares.
Exxon Mobil Corp. (XOM), Imperial's majority shareholder, will also be permitted to sell its shares to Imperial outside the provisions of, but concurrently with, the normal course issuer bid in order to maintain its proportionate share ownership at 69.6%.
The new one year program will begin on June 25, 2012, and will end when the company has purchased the maximum allowable number of shares, or it provides earlier notice of termination. All share purchases will be made through the facilities of the Toronto Stock Exchange.
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