RE:RE:RE:2024 BTE has 450 Mill Shares, Not Debt, What's the Dividend?I LOVE correcting others, though I get cranky if I think they are being dishonest. JD seems honest to me. Yes, WF, there are limits to the share purchase using the NCIB, Normal Course Issuer Bid. In addition to the annual limit of 10% of the float ( so insider shares are excluded) There are also daily limits based on average trading volumes. But, if a company, like BTE, or any other wanted to buy more than the 10% or buy it faster than the daily limit, they can launch an Issuer Bid under national instrument 62-104. aka the law. It's a far more complicated process requiring all sorts of public disclosures and filings and approvals that can take months. But, you can buy over 10% and you can do it all on one day. Everyone gets the same price is one of the zillion rules. It works similarly to a takeover bid. Same section of the Securities Act. NCIB purchases can be different prices every day. Last one I recall in the oil patch was encana. Just before it changed its name to ovintiv and said FU Canada and moved to Denver so the ceo weasel could go home for lunch rather than commute from Calgary. Geez, that's enough legal mumbo jumbo. Go Clearwater!
Wildfury wrote:
JD, since you like correcting posters I think you need a lesson in NCIB procedures. FYI, a company that has NCIB approval is only allowed to repurchase 10% of their float, which means that they can only buy 55 million shares approximately in one calendar year if I'm not mistaken. You should private message BSW to confirm this. They will never buy back more than 100-200 million shares which could take 2-4 years depending on the SP and there's no guarantee that it will take place. They may choose to make an acquisition instead of share buy-backs with cash on hand without diluting with more shares & increase production as they see what's best.