CALGARY, March 21, 2019 /CNW/ - Enerplus Corporation
("Enerplus" or the "Company") (TSX and NYSE: ERF) announces
acceptance by the Toronto Stock Exchange (the "TSX") of its notice
to renew its normal course issuer bid (the "Bid").
Pursuant to the Bid, Enerplus proposes to purchase through the
facilities of the TSX, the New York Stock Exchange and/or
alternative Canadian trading systems, from time to time over the
next 12 months, if considered advisable, up to 16,673,015 common
shares, being 7% of public float of Enerplus (within the meaning
under the TSX rules) as of March 19,
2019.
Enerplus believes that, from time to time, the market price of
its common shares trade in a price range that does not adequately
reflect their underlying value. Accordingly, Enerplus has concluded
that the repurchase of common shares for cancellation may represent
an attractive investment that will increase the proportionate
interest in the Company of, and be advantageous to, all of the
Company's remaining shareholders.
The Bid will be effected in accordance with the TSX's normal
course issuer bid rules and/or Rule 10b-18 under the U.S. Securities Exchange Act of
1934, as amended, which contain restrictions on the number of
common shares that may be purchased on a single day, subject to
certain exceptions for block purchases, based on the average daily
trading volumes of Enerplus' common shares on the applicable
exchange. Subject to exceptions for block purchases, Enerplus will
limit daily purchases of common shares on the TSX in connection
with the Bid to no more than 25% (270,933 common shares) of the
average daily trading volume of the common shares on the TSX
(1,083,735 common shares) during any trading day. Common shares
purchased under the Bid will be cancelled.
Enerplus is authorized to make purchases during the period of
March 26, 2019 to March 25, 2020 or until such earlier time as the
Bid is completed or terminated at the option of Enerplus. Purchases
under the Bid will be made through open market purchases at market
price, as well as by other means as may be permitted by applicable
securities regulatory authorities, including private agreements.
Any purchases made by private agreement under an issuer bid
exemption order issued by a securities regulatory authority will be
at a discount to the prevailing market price as provided in any
exemption order.
Enerplus intends to enter into an automatic purchase plan prior
to commencement of any purchases under the Bid with a broker which
will enable Enerplus to provide standard instructions and purchase
common shares on the open market during self-imposed blackout
periods. Outside of these black-out periods, common shares may be
purchased in accordance with management's discretion.
Under its prior NCIB and up to March 19,
2019, Enerplus repurchased an aggregate of 7,311,297 common
shares at a weighted-average price of $12.96 per share, excluding brokerage fees.
Purchases were made on the open market.
About Enerplus
Enerplus is an independent North American exploration and
production company focused on creating long-term value for its
shareholders through a disciplined capital allocation strategy and
a commitment to safe, responsible operations.
Forward-Looking Statements
Certain statements and other information included in this
press release constitute "forward-looking information" within the
meaning of applicable Canadian securities legislation or constitute
"forward-looking statements" within the meaning of applicable U.S.
securities legislation (collectively, the "forward-looking
statements"). All statements in this press release, other
than those relating to historical information or current
conditions, are forward-looking statements, including, but not
limited to, Enerplus' intention to commence a Bid and the timing,
methods and quantity of any purchases of common shares under the
Bid.
These forward-looking statements are subject to a number of
risks and uncertainties, many of which are beyond our control,
which could cause actual results to differ materially from such
forward-looking statements. All of the forward-looking statements
are qualified by the assumptions that are stated or inherent in
such forward-looking statements, including the availability of cash
for repurchases of common shares under the Bid, the existence of
alternative uses for Enerplus' cash resources and compliance with
applicable laws and regulations pertaining to a Bid. Although
Enerplus believes that these assumptions are reasonable, this list
is not exhaustive of the factors that may affect any of the
forward-looking statements and the reader should not place an undue
reliance on these assumptions and such forward-looking
statements.
Events or circumstances that could cause actual results to
differ materially from those in the forward-looking statements,
include, but are not limited to: general economic, market and
business conditions, and other risk factors detailed from time to
time in Enerplus reports filed with the Canadian securities
regulators and the Securities and Exchange Commission in
the United States.
Enerplus disclaims any intention or obligation to update or
revise any forward-looking statements in this press release as a
result of new information or future events, except as may be
required under applicable U.S. federal securities laws or
applicable Canadian securities legislation.
Ian C. Dundas
President & Chief Executive Officer
Enerplus Corporation
SOURCE Enerplus Corporation