Coastal Energy Announces Initiation of Normal Course Issuer Bid
June 11 2013 - 4:05PM
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's complete
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@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
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