Listed: TSX, NYSE
SASKATOON, May 14, 2014 /CNW/ - Potash Corporation of Saskatchewan Inc. (PotashCorp) today announced that the Ontario Securities Commission (OSC) has issued an issuer bid exemption order (Order) permitting PotashCorp to make private agreement purchases of PotashCorp common shares from an arm's length third-party seller.
Any purchases of our common shares made by way of private agreement under the Order will be at a discount to the prevailing market price, may be made in tranches over time, and must otherwise comply with the terms of the Order, including that: only one such purchase is permitted per calendar week; any such purchases must occur prior to the expiry of our Normal Course Issuer Bid (the "NCIB") on August 1, 2014; and the maximum number of common shares which may be purchased by way of all such private agreements cannot exceed one-third of the total number of common shares which may be purchased under the NCIB.
All common shares purchased by way of private agreement made pursuant to the Order will be included in computing the number of common shares purchased under the NCIB, and information regarding each purchase made pursuant to the Order, including the number of common shares purchased and the aggregate price paid, will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com following the completion of any such purchase.
Subject to regulatory requirements, the actual number of common shares to be purchased under the NCIB, whether by way of any such private agreement or otherwise, and the timing of any such purchases will continue to be determined at the discretion of PotashCorp.
PotashCorp is the world's largest crop nutrient company and plays an integral role in global food production. The company produces the three essential nutrients required to help farmers grow healthier, more abundant crops. With global population rising and diets improving in developing countries, these nutrients offer a responsible and practical solution to meeting the long-term demand for food. PotashCorp is the largest producer, by capacity, of potash and one of the largest producers of nitrogen and phosphate. While agriculture is its primary market, the company also produces products for animal nutrition and industrial uses. Common shares of Potash Corporation of Saskatchewan Inc. are listed on the Toronto Stock Exchange and the New York Stock Exchange.
This release contains forward-looking statements or forward-looking information (forward-looking statements). These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not historical fact. These statements often contain words such as "should", "could", "expect", "may", "anticipate", "believe", "intend", "estimates", "plans" and similar expressions. These statements are based on certain factors and assumptions including with respect to: foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities and effective tax rates. While the company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are subject to risks and uncertainties that are difficult to predict. The results or events set forth in forward-looking statements may differ materially from actual results or events. Several factors could cause actual results or events to differ materially from those expressed in forward-looking statements, including, but not limited to, the following: variations from our assumptions with respect to foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities and effective tax rates; risks and uncertainties related to operating and workforce changes made in response to our industry and the markets we serve; changes in competitive pressures, including pricing pressures; risks and uncertainties related to our international operations and assets; fluctuations in supply and demand in the fertilizer, sulfur, transportation and petrochemical markets; costs and availability of transportation and distribution for our raw materials and products, including railcars and ocean freight; adverse or uncertain economic conditions and changes in credit and financial markets; the results of sales contract negotiations within major markets; unexpected geological or environmental conditions, including water inflows; economic and political uncertainty around the world; risks associated with natural gas and other hedging activities; changes in capital markets; unexpected or adverse weather conditions; changes in currency and exchange rates; imprecision in reserve estimates; adverse developments in new and pending legal proceedings or government investigations; acquisitions we may undertake; increases in the price or reduced availability of the raw materials that we use; strikes or other forms of work stoppage or slowdowns; timing and impact of capital expenditures; rates of return on, and the risks associated with, our investments and capital expenditures; changes in, and the effects of, government policies and regulations; security risks related to our information technology systems; risks related to reputational loss; and earnings and the decisions of taxing authorities which could affect our effective tax rates. Additional risks and uncertainties can be found in our Form 10-K for the fiscal year ended December 31, 2013 under the captions "Forward-Looking Statements" and "Item 1A - Risk Factors" and in our other filings with the US Securities and Exchange Commission and the Canadian provincial securities commissions. Forward-looking statements are given only as at the date of this release and the company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Potash Corporation of Saskatchewan Inc.
For further information:
Vice President, Investor and Public Relations
Phone: (306) 933-8521
Fax: (306) 933-8844
Senior Director, Public Affairs
Phone: (306) 933-8849
Fax: (306) 933-8844