By Adriano Marchese
Vermilion Energy said Monday that it plans to launch a share repurchase program to buy back up to 10% of its shares over the course of a one-year period.
The Canadian energy producer said it has received the approval of the Toronto Stock Exchange for a normal course issuer bid to buy back up to 16.3 million of its shares.
Vermilion’s shares have fallen more than 28% since the beginning of the year, closing Friday at 17.14 Canadian dollars ($12.91). Over the course of the last 12 months, the shares are down 34%.
At Friday’s closing price, the value of the shares were be about C$279.5 million.
The company expects to begin repurchasing shares on July 12.
Write to Adriano Marchese at [email protected]
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