Canadian petroleum firm Imperial Oil Limited has finalized its $2.5-billion issuer bid after being oversubscribed.
- Imperial Oil said it paid for 32,467,532 common shares at $77.00 apiece, representing a total of $2.5 billion and 4.9% of its issued and outstanding shares as of May 2, 2022.
- The firm said it acquired 9,867,766 at auction tenders equivalent to or below the purchase price, equivalent to some 96% of the total tenders, with the offer oversubscribed.
- Majority shareholder Exxon Mobil Corporation also made a proportionate tender to maintain its proportionate share ownership at an estimated 69.6%. This resulted in some 22.597 million shares being taken up.
- Imperial has estimated a deemed dividend of $75.25 per share on the repurchase of the shares, based on the estimated paid-up capital of $1.75 per share on June 10, 2022.
The company has since issued 636,676,182 shares issued and outstanding.
IMO is up 0.21%, while XOM is down 0.23%.
Source: Imperial Oil Limited