Enerplus Corp. has obtained an exemption order from Canadian securities regulators, permitting the company to purchase up to 10% of its public float of common shares as part of its share repurchase program. A company’s public float is outstanding stock help by public investors. (Source: Shutterstock.com)
Enerplus Corp. has obtained an exemption order from Canadian securities regulators, permitting the company to purchase up to 10% of its public float of common shares as part of its share repurchase program. A company’s public float is outstanding stock help by public investors.
The exemption allows the company to repurchase shares through the New York Stock Exchange and other U.S. trading systems, the company announced on June 6.
The exemption includes the current normal course issuer bid announced on Aug. 11, 2022. A normal course issuer bid is a Canadian stock buyback program that allows a company to repurchase its shares in order to cancel them, according to the Corporate Finance Institute.
Without the exemption, Enerplus’ purchases under a normal course issuer bid other than the Toronto Stock Exchange would be limited to 5% of outstanding common shares over a 12-month period.
Enerplus is an independent North American oil and gas E&P.
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