Crescent Point Energy (TSX: CPG) (NYSE: CPG) has seen the Toronto Stock Exchange approve its request for a normal course issuer bid. More commonly referred to as share buybacks, the program is expected to begin on March 9, 2021.
The program will see Crescent Point eligible to acquire up to 26.5 million common shares of its own equity on the TSX or NYSE for the purpose of being cancelled. The shares are to be acquired on the open market via an automatic purchase plan, which will enable the company to continue to purchase shares during internal blackout periods. Outside of blackout periods, shares will be purchased at managements discretion.
The company is limited to acquiring up to 1.0 million shares per day as per the rules of the buyback program, the figure being 25% of the daily average volume on the TSX.
The previous buyback program conducted by the company saw zero shares purchased as a result of weak market conditions. That program is set to expire March 8, 2021.
Crescent Point Energy last traded at $5.08 on the TSX.
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