NORMAL COURSE ISSUER BID / Shell Canada
SHELL CANADA ANNOUNCES NORMAL COURSE ISSUER BID
CALGARY, July 29 /CNW/ - Shell Canada Limited (''Shell'') announces its
intention to make a normal course issuer bid, subject to regulatory approval
by The Toronto Stock Exchange and the Montreal Exchange. Shell intends to
repurchase for cancellation up to one percent of its 290,167,640 Class ''A''
Common Shares issued and outstanding as at July 28, 1998, to a maximum of
2,901,676 Common Shares during the term of the bid. Repurchase of the Common
Shares will be carried out through the facilities of the same exchanges.
The purchase of the Common Shares under the bid will lessen the effects
of dilution from issuance of additional Common Shares pursuant to its employee
stock option program.
The bid will begin on August 17, 1998 and will end when the Corporation
has purchased the requisite number of Common Shares, unless it provides
earlier notice of termination. If not previously terminated, the normal
course issuer bid will end on August 16, 1999.
The price which Shell will pay for any such Common Shares will be the
market price at the time of acquisition. The actual number of Common Shares
which will be purchased and the timing of any such purchases will be
determined by Shell.
Shell Petroleum N.V., which holds, directly and indirectly, 225,637,338
Common Shares of Shell, has advised that it does not intend to participate in
the bid. Shell Petroleum N.V. is a member of the Royal Dutch/Shell Group of
Companies.
Visit Shell's Internet web site: www.shell.ca.
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For further information: John Armstrong, Manager, Investor Relations,
(403) 691-2175 or Jan Rowley, Manager, Public Affairs, (403) 691-3899
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