CALGARY, June 21, 2013 /CNW/ - Imperial Oil Limited today 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, 2013.
In December 2002, Imperial introduced a restricted stock unit plan
pursuant to which shares may be issued upon vesting. Since there could
be a dilution in the percentage ownership levels of shareholders that
would result from the issue of shares on the vesting of restricted
stock units, Imperial considers that it would be in the best interests
of Imperial and its shareholders to proceed with the purchase of shares
in the market to reduce or eliminate such dilution. Imperial will
limit the number of shares to be purchased pursuant to the normal
course issuer bid to fewer than 1,000,000 shares. This amount
represents 0.12% of Imperial's 847,599,011 issued and outstanding
shares as at June 15, 2013.
Exxon Mobil Corporation, 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% in the event that Imperial
repurchases shares in excess of those required to off-set the dilutive
impact of the restricted stock unit plan. Exxon Mobil Corporation has
advised Imperial that it intends to participate, as it has in prior
The new one year program will begin on June 25, 2013, 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 as well as
through other designated exchanges and published markets in Canada.
Shares purchased under the normal course issuer bid and from Exxon
Mobil Corporation are restored to the status of authorized but unissued
No share repurchases have been made under the existing program.
Imperial's daily trading limit under the new program will be 195,893
shares, which number is 25% of Imperial's daily trading volume.
Imperial Oil is one of Canada's largest corporations and leading member
of the country's petroleum industry. The company is a major producer of
crude oil and natural gas, Canada largest petroleum refiner, a key
petrochemical producer and a leading marketer with coast-to-coast
supply and retail service station networks.
SOURCE: Imperial Oil Limited
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