Perpetual Energy Inc. Announces Normal Course Issuer Bid for its 7.25% and 7.00% Convertible Debentures
CALGARY, June 6, 2013 /PRNewswire/ – (TSX: PMT) – Perpetual Energy Inc. (“Perpetual“) announced today that the Toronto Stock Exchange (“TSX“) has accepted Perpetual’s Notice of Intention to make a Normal Course
Issuer Bid (the “Bid“) to purchase for cancellation, from time to time, as Perpetual
considers advisable, up to a maximum of $7,536,000 principal amount of
7.25% convertible extendible unsecured subordinated debentures (the “7.25% Debentures“) and $3,873,000 principal amount of 7.00% convertible extendible
unsecured subordinated debentures due December 31, 2015 (the “7.00% Debentures“) (the 7.25% Debentures and the 7.00% Debentures are together the “Debentures“). Purchases of Debentures will be made on the open market through the
TSX. There are currently $99,972,000 7.25% Debentures outstanding and
$60,000,000 7.00% Debentures outstanding. The maximum number of
Debentures to be purchased pursuant to the Bid represents approximately
10% of the public float of the Debentures issued and outstanding on the
date hereof, calculated in accordance with the rules of the TSX (being
$7,748,000 principal amount of 7.25% Debentures and $3,873,000
principal amount of 7.00% Debentures). The price which Perpetual will
pay for any Debentures purchased by it will be the prevailing market
price of the Debentures on the TSX at the time of such purchase. The
actual number of Debentures that may be purchased for cancellation and
the timing of any such purchases will be determined by Perpetual.
The Bid will commence on June 10, 2013 and will terminate on June 9,
2014 or such earlier time as the Bid is completed or terminated at the
option of Perpetual. The daily limit on purchases under the Bid is
$9,000 7.25% Debentures and $14,000 7.00% Debentures, based on 25% of
Perpetual’s average daily trading volume for the prior six months of
$37,000 7.25% Debentures and $58,000 7.00% Debentures. Management of
Perpetual believes that, from time to time, the market price of the
Debentures may not fully reflect the underlying value of the Debentures
and that at such times the purchase of Debentures would be in the best
interests of Perpetual. Such purchases will increase the proportionate
interest of, and may be advantageous to, all remaining
Perpetual Energy Inc. is a natural gas-focused Canadian energy company.
Perpetual’s shares and Convertible Debentures are listed on the Toronto
Stock Exchange under the symbols “PMT”, “PMT.DB.D” and “PMT.DB.E”.
Further information with respect to Perpetual can be found at its
website at www.perpetualenergyinc.com.
SOURCE Perpetual Energy Inc.