Monday, January 02, 2017 5:11:16 AM
Update on Petro Rio Common Shares Buyback Program
Petro Rio started buying back shares on Nov 21st,
5,300 common shares in November 2016.
Expect update on December 16 acquisitions next week.
Buyback Program:
Common Shares Buyback Program (04/29/2016)
"PetroRio shareholders approved the proposal of implementation of a buyback program of up to 16,500,000 common shares issued by the Company (3,300,000 common shares after the conclusion of the reverse split of shares now approved) within 18 (eighteen) months, without capital reduction, to be held in treasury, cancellation and/or subsequent sale. The share buyback program, as it relates to GDSs, is subject to the approval of the TSX Venture Exchange and no GDS shall be purchased by the Company before such approval is received.
Objective:
The common shares buyback program aims to ensure that the market price of PetroRio’s shares more appropriately reflects the Company’s intrinsic value. Due to the amount in the proposed buyback program compared to the Company's cash availability history and considering the general evaluation from Management regarding PetroRio’s financial situation, it is understood that the share buyback shall not affect the compliance with creditors or the payment of mandatory dividends.
Number of outstanding shares to be acquired:
The common shares buyback program approved on this date authorizes the buyback of up to 16,500,000 common shares issued by the Company (3,300,000 common shares after the conclusion of the reverse split of shares now approved), without capital reduction.
Acquisition period:
The maximum period for the acquisition of shares approved in the buyback program is of 18 (eighteen) months as of this date, ending on November 02, 2017.
Authorized brokers:
Itaú Corretora de Valores S.A.,
XP Investimentos CCTVM S.A.,
Santander Corretora de Câmbio e Valores Mobiliários S.A.".
Petro Rio started buying back shares on Nov 21st,
5,300 common shares in November 2016.
Expect update on December 16 acquisitions next week.
Buyback Program:
Common Shares Buyback Program (04/29/2016)
"PetroRio shareholders approved the proposal of implementation of a buyback program of up to 16,500,000 common shares issued by the Company (3,300,000 common shares after the conclusion of the reverse split of shares now approved) within 18 (eighteen) months, without capital reduction, to be held in treasury, cancellation and/or subsequent sale. The share buyback program, as it relates to GDSs, is subject to the approval of the TSX Venture Exchange and no GDS shall be purchased by the Company before such approval is received.
Objective:
The common shares buyback program aims to ensure that the market price of PetroRio’s shares more appropriately reflects the Company’s intrinsic value. Due to the amount in the proposed buyback program compared to the Company's cash availability history and considering the general evaluation from Management regarding PetroRio’s financial situation, it is understood that the share buyback shall not affect the compliance with creditors or the payment of mandatory dividends.
Number of outstanding shares to be acquired:
The common shares buyback program approved on this date authorizes the buyback of up to 16,500,000 common shares issued by the Company (3,300,000 common shares after the conclusion of the reverse split of shares now approved), without capital reduction.
Acquisition period:
The maximum period for the acquisition of shares approved in the buyback program is of 18 (eighteen) months as of this date, ending on November 02, 2017.
Authorized brokers:
Itaú Corretora de Valores S.A.,
XP Investimentos CCTVM S.A.,
Santander Corretora de Câmbio e Valores Mobiliários S.A.".
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