Imperial Oil Limited( TSE IMO, NYSE American IMO) blazoned moment that it has taken up and paid for common shares( “ Shares ”) at a price of$78.50 per Share( the “ Purchase Price ”) under Imperial’s offer( the “ Offer ”) to buy for cancellation up to$1.5 billion of its Shares. All quantities are in Canadian bones
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The Shares bought represent an aggregate purchase of$1.5 billion and3.4 percent of the total number of Imperial’s issued and outstanding Shares as of the close of business on October 30, 2023. incontinently following completion of the Offer, Imperial has Shares issued and outstanding.
A aggregate of Shares were taken up and bought pursuant to transaction tenders at or below the Purchase Price and pursuant to buy price tenders. Since the Offer was oversubscribed, shareholders who made transaction tenders at or below the Purchase Price and shareholders who made, or were supposed to have made, purchase price tenders had roughly 20 percent of their proffered Shares taken up by Imperial( other than “ odd lot ” tenders, which weren’t subject to proration). Shares were taken up and bought pursuant to commensurate tenders.
Exxon Mobil Corporation( “ ExxonMobil ”), Imperial’s maturity shareholder, made a commensurate tender under the Offer in order to maintain its commensurate Share power at roughly69.6 percent, performing in Shares being taken up pursuant to the Offer. incontinently following completion of the Offer, ExxonMobil holds Shares.
Imperial has accepted the Shares proffered for purchase and has made payment for the Shares by delivering the aggregate purchase price to Computershare Investor ServicesInc., the depositary for the Offer( the “ Depositary ”). Payment and agreement with shareholders will be effected by the Depositary on or about December 19, 2023, all in agreement with the Offer and applicable law. Any Shares not bought, including similar Shares not bought as a result of proration or Shares proffered pursuant to transaction tenders at prices advanced than the Purchase Price or invalidly proffered, will be returned to shareholders as soon as practicable.
To help shareholders in determining the duty consequences of the Offer, Imperial estimates that a supposed tip in the quantum of$76.75 per Share was touched off on the repurchase of each Share, grounded on the estimated paid- up capital of$1.75 per Share at December 8, 2023. The tip supposed to have been paid by Imperial to Canadian resident persons is designated as an “ eligible tip ” for purposes of the Income Tax Act( Canada) and any corresponding parochial and territorial duty legislation.
For the purposes of subsection 191( 4) of the Income Tax Act( Canada), the “ specified quantum ” in respect of each Share is$75.32.
Shareholders should consult with their own duty counsels with respect to the income duty consequences of the disposition of their Shares under the Offer.
Imperial retained RBC Capital requests to act as fiscal counsel and dealer director in connection with the Offer.
The full details of the Offer are described in the offer to buy and issuer shot indirect dated November 3, 2023, as well as the affiliated letter of transmittal and notice of guaranteed delivery, clones of which were filed and are available on SEDAR atwww.sedarplus.ca and on EDGAR atwww.sec.gov.
This news release is for instructional purposes only and doesn’t constitute an offer to buy or the supplication of an offer to vend Shares.
Imperial is one of Canada’s largest intertwined oil painting companies. It’s active in all phases of the petroleum assiduity in Canada, including the disquisition for, and product and trade of, crude oil painting and natural gas. In Canada, it’s a major patron of crude oil painting, the largest petroleum muck and a leading marketer of petroleum products. It’s also a major patron of petrochemicals. The company’s operations are conducted in three main parts Upstream, Downstream and Chemical.
