CALGARY, AB – Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today that the Toronto Stock Exchange (TSX) has approved the Company’s normal course issuer bid (NCIB) to purchase, for cancellation, up to 31,062,331 of its outstanding common shares to an aggregate amount of up to $1.5 billion.
Purchases under the NCIB may be made through the facilities of the TSX, the New York Stock Exchange (NYSE) and other designated exchanges and alternative trading systems, commencing on January 5, 2022 and continuing until January 4, 2023, when the bid expires, or such earlier date on which the Company has either acquired the maximum number of common shares allowable under the NCIB or otherwise decides not to make any further repurchases under the NCIB. The maximum number of common shares that Enbridge may repurchase for cancellation represents approximately 1.53% of the 2,026,085,179 common shares issued and outstanding as at December 22, 2021.
Share repurchases made pursuant to the Company’s NCIB will be predicated upon maintaining a strong balance sheet, performance of the business, and the availability and attractiveness of alternative capital investment opportunities. The price that Enbridge will pay for common shares in open market transactions will be the market price at the time of purchase and common shares purchased under the NCIB will be cancelled. The actual number of common shares purchased under the NCIB, the timing of purchases, and the price at which the common shares are acquired will depend upon future market conditions.
The NCIB will be effected in accordance with the TSX’s NCIB rules and 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 Enbridge’s common shares on the applicable exchange. Subject to exceptions for block purchases, Enbridge will limit daily purchases of common shares on the TSX in connection with the NCIB to no more than 25 percent (1,929,706 common shares) of the average daily trading volume of the common shares on the TSX from June 1, 2021 to and including November 30, 2021 (7,718,824 common shares) during any trading day.
The Company has engaged TD Securities Inc. as its broker to effect repurchases of the Company’s common shares under the NCIB within a defined set of criteria.