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Tenaz Energy Corp. (TSX: TNZ) has received TSX approval for a new Normal Course Issuer Bid (NCIB) program, running from February 14, 2025, to February 13, 2026. The company is authorized to purchase up to 2,479,403 shares, representing 9.0% of outstanding shares and 10% of the public float as of February 3, 2025.
The NCIB will be funded through current cash and future free cash flow. Daily purchases are to 15,896 shares, with shares to be purchased on open markets and subsequently cancelled. Tenaz will implement an automatic share purchase plan (ASPP) with a designated broker.
Under debt facility restrictions, share repurchases are to the greater of $5 million or 2.5% of adjusted consolidated net tangible assets. In its previous NCIB (August 2023-2024), Tenaz repurchased 842,200 shares at an average price of $3.84 per share.
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