- Vermilion Energy (NYSE:VET) on Monday announced that the Toronto Stock Exchange has approved the notice of the company’s intention to commence a normal course issuer bid (“NCIB”).
- The NCIB allows Vermilion to purchase up to 15.69M common shares, representing about 10% of its public float as at June 28, 2024, over a twelve-month period commencing on July 12, 2024.
- The NCIB will expire no later than July 11, 2025.
- In connection with the NCIB, Vermilion will enter an automatic purchase plan with its designated broker to allow for purchases of its common shares during self-imposed blackout periods.
- The company anticipates returning 50% of excess free cash flow to shareholders in 2024, primarily through the base dividend and share repurchases.
- Under its prior NCIB, which runs from July 12, 2023 to July 11, 2024, the company was allowed to purchase up to 16.31M common shares.
- Source: Press Release
2024-07-08