CALGARY,
AB, Nov. 28, 2024 /CNW/ - Keyera Corp. (TSX:
KEY) ("Keyera" or the "Company") announced today that the Toronto
Stock Exchange ("TSX") has accepted the Company's notice of
intention to implement a Normal Course Issuer Bid ("NCIB") with
respect to its issued and outstanding common shares (the "Common
Shares").
Keyera remains committed to allocating capital in a manner that
will drive the highest value for shareholders. Keyera believes that
the market price of its Common Shares could be such that their
purchase may be an attractive and appropriate use of corporate
funds. Decisions regarding the amount and timing of future
purchases of Common Shares will be based on market conditions,
share price and other factors.
Under the NCIB, Keyera can purchase and cancel up to
approximately 2.5% of the Company's 229,153,373 Common Shares
issued and outstanding as the date hereof, or 5,700,000 Common
Shares, between December 3, 2024 and
December 2, 2025, in accordance with
the applicable rules and policies of the TSX and applicable
securities laws. The NCIB will terminate at the earlier of
December 2, 2025 and the date on
which the maximum allowable number of Common Shares that can be
acquired under the NCIB have been purchased.
Pursuant to the NCIB terms, the daily maximum number of Common
Shares that can be purchased by the Company under the NCIB is
280,671 Common Shares, representing 25% of the average daily
trading volume of 1,122,686 Common Shares for the six-month period
ended October 31, 2024. However, one
block purchase over the daily maximum purchase limit is permitted
per calendar week. The price that the Company will pay for Common
Shares purchased under the NCIB will be the market price at the
time of purchase. All purchases under the NCIB will be made through
the facilities of the TSX. Common Shares acquired under the NCIB
will be cancelled.
About Keyera Corp.
Keyera Corp. (TSX: KEY) operates an integrated Canadian-based
energy infrastructure business with extensive interconnected assets
and depth of expertise in delivering energy solutions. Its
predominantly fee-for-service based business consists of natural
gas gathering and processing; natural gas liquids processing,
transportation, storage and marketing; iso-octane production and
sales; and an industry-leading condensate system in the
Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high
quality, value-added services to its customers across North America and is committed to conducting
its business ethically, safely and in an environmentally and
financially responsible manner.
Forward-Looking Statements
This news release contains forward-looking information and
statements (collectively, "forward-looking information") pertaining
to the NCIB, Common Shares which may be purchased thereunder and
related matters. Forward-looking information is typically
identified by words such as "anticipate", "expect", "may", "will",
"can", "should", "would", "plan", "intend", "believe", "target",
and similar words or expressions, including the negatives or
variations thereof. All statements other than statements of
historical fact contained in this document are forward-looking
information, including without limitation, statements regarding
Keyera's intentions with respect to the NCIB, plans for allocating
capital, and the timing for purchases of Common Shares under the
NCIB. There can be no assurance that Keyera will repurchase all or
any of the Common Shares referred to in this news release under the
NCIB. In particular, the purchase of Common Shares under the NCIB
will depend, among other things, on prevailing market conditions
and price of the Common Shares.
All forward-looking information is based on a number of risks,
expectations, assumptions and uncertainties that Keyera has used to
develop such information, but which may prove to be incorrect.
While Keyera believes that the expectations reflected in such
forward-looking information are reasonable, undue reliance should
not be placed on forward-looking information because Keyera can
give no assurance that such expectations will prove to be correct.
The forward-looking information in this news release is made as of
the date hereof, and except as required by applicable securities
law, Keyera undertakes no obligation to update publicly or revise
any of the forward-looking information, whether as a result of new
information, future events, or otherwise, except as may be required
by applicable securities laws.
Additional Information
For more information about
Keyera Corp., please visit our website at www.keyera.com or
contact:
Dan Cuthbertson, General Manager,
Investor Relations
Rahul Pandey, Senior Advisor,
Investor Relations
Katie Shea, Senior Advisor, Investor
Relations
Email: ir@keyera.com
Telephone: 403.205.7670
Toll free: 888.699.4853
SOURCE Keyera Corp.
