Suncor Energy announces automatic share repurchase
https://www.suncor.com/en/newsroom/2418.aspx?id=1577151
Suncor Energy announces automatic share repurchase plan
CALGARY, ALBERTA--(Marketwire - Feb. 28, 2012) - Suncor Energy announced today it has entered into a pre-defined plan with a designated broker to allow for the repurchase of its common shares under its previously announced normal course issuer bid. Suncor's broker may repurchase the common shares under the plan on any trading during the bid, including during Suncor's internal trading blackout periods. The plan has been reviewed by the Toronto Stock Exchange and will terminate on the earlier of the termination of the plan by the company in accordance with its terms or the expiry of the bid.
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With max daily purchase of 1,115,781 SU-shares on TSX, this may take a couple of months, ending Sept. 5 latest.
I assume they won't buy above C$40/share, hopefully not higher than 35, but I won't hold my breath.
The first period, averaged $29.19 was excellent.
There's no risk buying SU below C$30 as I did myself, but I won't buy higher than $40 this time. The company needs to grow before I allocate my cash for SU at above C$40.