The purpose of the NCIB is to deploy cash resources from current cash on hand and future free cash flow to purchase common shares in the capital of the Corporation (the “Shares”) in the open market. Tidewater believes that the market price of the Shares may not reflect the Corporation’s intrinsic value and future prospects, and that the purchase of Shares may represent an appropriate use of the Corporation’s financial resources to enhance shareholder value.
Tidewater have received TSX approval to purchase the maximum allowable number of Shares of the next 12 month period, being 31,346,603 Shares, representing approximately 10% of the public float of Shares as at February 29, 2024. The number of outstanding Shares as at February 29, 2024 was 428,229,583. The actual number of Shares ultimately purchased pursuant to the NCIB will be a function of several factors including, but not limited to, the market price of the Shares, the maximum daily allowable repurchase volume under TSX rules, and other factors deemed relevant by Tidewater. Purchases made pursuant to the NCIB will be made in the open market through the facilities of the TSX or through alternative Canadian trading systems. Shares purchased pursuant to the NCIB will be cancelled. The number of Shares that can be purchased pursuant to the NCIB is subject to a daily maximum of 110,637 Shares which is 25% of the average daily trading volume for the Shares on the TSX of 442,550, for the six month period ending February 29, 2024, subject to certain prescribed exceptions.
Tidewater is traded on the TSX under the symbol “TWM”. Tidewater’s business objective is to profitably grow and create shareholder value in the North American natural gas, natural gas liquids, crude oil, refined product and renewable energy value chain. Its operations include downstream facilities, natural gas processing facilities, natural gas liquids infrastructure, pipelines, storage, and various renewable initiatives. To complement its infrastructure asset base, the Corporation also markets crude, refined product, natural gas, natural gas liquids and renewable products and services to customers across North America.
Tidewater is a majority shareholder of Tidewater Renewables, an energy transition company focusing on the production of low carbon fuels. Tidewater Renewables’ common shares are publicly traded on the TSX under the symbol “LCFS”.
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