CORP / Petrobank Announces Intention to Purchase Shares
TSE SYMBOL: PBG
OCTOBER 19, 1998
CALGARY, ALBERTA--Petrobank announced today that, subject to
regulatory approval, it intends to purchase up to 643,000 of its
Common Shares, representing approximately 2 per cent of
Petrobank's 32,265,486 issued and outstanding common shares as at
October 15, 1998.
The purchases will commence, subject to the receipt of all
required regulatory approvals, two days following acceptance of
Petrobank's notice of intention to make a normal course issuer bid
by The Toronto Stock Exchange, and will terminate one year from
the date on which purchases may begin, or on such earlier date as
Petrobank may complete its purchases pursuant to the notice of
intention bid filed with the Toronto Stock Exchange. Purchases
will be made on the open market by Petrobank through the
facilities of The Toronto Stock Exchange in accordance with its
rules and by-laws. The price which Petrobank will pay for any
such shares will be the market price of such shares at the time of
acquisition.
Petrobank has not purchased any of its Common Shares within the
past 12 months.
Petrobank believes that the market price of its Common Shares
could be such that their purchase may be an attractive and
appropriate use for corporate funds in light of potential benefits
to remaining shareholders. |
