RE:Cancellation of SIBThe reason for the delay in announcing the SIB cancellation might be because of the rules of the TSX. Once a SIB has been declared, companies might be forced to wait until the following quarter before an SIB can expire or be cancelled. I do know that once a SIB is in play, companies are not allowed to buy back any shares under a NCIB until the SIB is completed. I think it was the rules of the game that screwed up PIPE's master plan.
Who knew last October when they were planning share buybacks for 2023 that it would end up being an exceptionally warm winter and the price of natural gas would tank as much as it did? If the SIB was never declared and they were buying back shares once a week since January 1 under a NCIB, the average price that they would have paid would be about what PIPE is trading at today. No big loss or gain one way or the other.
The increase in WTI today will increase the price of condensate. PIPE looks like a good buy but it might take a year for the price of natural gas to recover before the share price starts heading back up. I think an average 2023 / 2024 winter will have both AECO and PIPE trading much higher a year from now compared to what they are trading at today.