DGAP-News: Coastal Energy Announces Initiation of Normal Course Issuer Bid
(firmenpresse) - Coastal Energy Company
11.06.2013 22:05
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HOUSTON, 2013-06-11 22:05 CEST (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 rules.
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'scomplete 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.
CONTACT: Enquiries:
Coastal Energy Company
Email: investor(at)CoastalEnergy.com
+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
Paul Connolly
FirstEnergy Capital LLP (Broker)
Hugh Sanderson / Travis Inlow
+44 (0) 20 7448 0200
Buchanan
Tim Thompson / Ben Romney
+44 (0) 20 7466 5000
News Source: NASDAQ OMX
11.06.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Coastal Energy Company
United States
Phone:
Fax:
E-mail:
Internet:
WKN:
End of Announcement DGAP News-Service
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Datum: 11.06.2013 - 22:05 Uhr
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News-ID 268749
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