NORMAL COURSE ISSUER BID / American Leduc Petroleums
CALGARY, Feb. 26 /CNW/ - American Leduc Petroleums Limited (''American
Leduc'') announced today that The Toronto Stock Exchange has accepted its
notice to make a normal course issuer bid (the ''Bid'') to purchase, from time
to time, as it considers advisable, up to 500,000 of its issued and
outstanding common shares (representing approximately 2.7% of the 18,779,000
Common Shares outstanding) on the open market through the facilities of The
Toronto Stock Exchange. The price which American Leduc will pay for any
Common Shares purchased by it will be the prevailing market price of such
securities on The Toronto Stock Exchange at the time of such purchase.
The Bid will commence on March 2, 1998 and will terminate on March 1,
1999 or such earlier time as the Bid is completed or terminated at the option
of American Leduc.
In the past 12 months, American Leduc purchased 29,500 Common Shares
pursuant to a normal course issuer bid, at an average price of 32.1 cents per
share.
American Leduc believes that the current and recent market prices of its
Common Shares may not reflect their underlying value and that, at such times,
the purchase of Common Shares will increase the proportionate interest of, and
be advantageous to, all remaining shareholders. Any normal course purchases
made by American Leduc will also afford an increased degree of liquidity to
those shareholders of American Leduc who wish to dispose of their shares. |
