CORP TOP 20 Listed / Newport Petroleum To Make Course Issuer Bid
TSE SYMBOL: NPP
NOVEMBER 24, 1997
CALGARY, ALBERTA--NEWPORT PETROLEUM CORPORATION announced that it
intends, subject to obtaining required regulatory approval, to
make a normal course issuer bid to be conducted through the
facilities of The Toronto Stock Exchange.
Newport Petroleum Corporation intends to purchase up to 7,274,467
of its common shares, being approximately 10 percent of its
72,744,669 outstanding common shares comprising its public float,
provided that no more than 2 percent may be purchased in any given
thirty day period.
Newport Petroleum Corporation's Board of Directors believes that
the underlying value of Newport Petroleum Corporation's common
shares is not reflected in the current market prices. All shares
purchased under the issuer bid will be cancelled, thereby
increasing the respective proportionate share interests of all
remaining shareholders. |
