WHITECAP RESOURCES INC. ANNOUNCES RESULTS OF SHAREHOLDERS' MEETING, TSX APPROVAL FOR RENEWAL OF NORMAL COURSE ISSUER BID AND CONFIRMS MONTHLY DIVIDEND FOR MAY OF $0.0608 PER SHARE
At the meeting, by ordinary resolution, the number of directors to be elected at the meeting was fixed at nine. The results of the ballot were as follows:
Votes For (Percentage) |
243,809,287 (99.64 %) |
At the meeting, all of the nominees proposed as directors were duly elected as directors of Whitecap with a majority of votes cast by the shareholders present or represented at the meeting as follows:
|
Votes For (Percentage) |
Mary-Jo E. Case |
238,928,765 (99.43 %) |
|
237,258,546 (98.73 %) |
|
239,444,585 (99.64 %) |
|
239,357,837 (99.61 %) |
|
231,284,858 (96.25 %) |
|
236,569,305 (98.45 %) |
|
238,743,361 (99.35 %) |
|
235,297,648 (97.92 %) |
|
234,398,881 (97.54 %) |
Votes For (Percentage) |
243,297,082 (99.43 %) |
In addition, a non-binding advisory resolution concerning Whitecap's approach to executive compensation was approved. The results of the ballot were as follows:
Votes For (Percentage) |
234,624,990 (97.64 %) |
Whitecap is also pleased to announce that the
Under the NCIB, common shares may be repurchased on the open market through the facilities of the TSX and/or alternative Canadian trading systems and in accordance with the rules of the TSX governing normal course issuer bids. The total number of common shares Whitecap is permitted to purchase is subject to a daily purchase limit of 619,983 common shares, representing 25% of the average daily trading volume of 2,479,935 common shares on the TSX calculated for the six-month period ended
Whitecap is permitted to repurchase 59,724,590 common shares under its current normal course issuer bid that runs from
Whitecap believes that, at times, the prevailing share price does not reflect the underlying value of the common shares and the repurchase of its common shares for cancellation represents an attractive opportunity to enhance Whitecap's per share metrics and thereby increase the underlying value of Whitecap's common shares to its shareholders. The NCIB will be used as another tool to enhance total long-term shareholder returns and will be used in conjunction with management's disciplined free funds flow capital allocation strategy.
In addition, Whitecap confirms that a cash dividend of Cdn.
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