Baytex Announces Granting of Exemptive Relief Regarding Its Normal Course Issuer Bid Program
Baytex Energy (NYSE:BTE) has secured an exemption order from Canadian securities regulators that allows the company to purchase up to 10% of its public float through the NYSE and other U.S.-based trading systems. This expansion of their share repurchase capability is part of their shareholder return strategy, including their current normal course issuer bid announced on June 24, 2025.
Without this exemption, Baytex's purchases on markets outside the TSX would have been limited to 5% of outstanding common shares over a twelve-month period. The exemptive relief extends through July 11, 2028 and applies to both the current bid and future normal course issuer bids, subject to compliance with U.S. rules and trading price restrictions.
Baytex Energy (NYSE:BTE) ha ottenuto un ordine di esenzione dalle autorità regolatorie canadesi che consente all'azienda di acquistare fino al 10% del suo flottante pubblico attraverso il NYSE e altri sistemi di trading con sede negli Stati Uniti. Questa espansione della capacità di riacquisto di azioni fa parte della loro strategia di ritorno agli azionisti, incluso l'attuale programma di riacquisto annunciato il 24 giugno 2025.
In assenza di questa esenzione, gli acquisti di Baytex sui mercati al di fuori della TSX sarebbero stati limitati al 5% delle azioni ordinarie in circolazione nell'arco di dodici mesi. L'esenzione è valida fino al 11 luglio 2028 e si applica sia all'attuale programma sia a eventuali futuri programmi di riacquisto, nel rispetto delle normative statunitensi e delle restrizioni sui prezzi di negoziazione.
Baytex Energy (NYSE:BTE) ha obtenido una orden de exención de los reguladores de valores canadienses que permite a la compañía comprar hasta el 10% de su flotante público a través de la NYSE y otros sistemas de negociación con sede en EE.UU. Esta ampliación de su capacidad de recompra de acciones forma parte de su estrategia de retorno a los accionistas, incluyendo su actual programa normal de recompra anunciado el 24 de junio de 2025.
Sin esta exención, las compras de Baytex en mercados fuera de la TSX habrían estado limitadas al 5% de las acciones ordinarias en circulación durante un período de doce meses. La exención es válida hasta el 11 de julio de 2028 y se aplica tanto al programa actual como a futuros programas normales de recompra, sujeto al cumplimiento de las normas de EE.UU. y restricciones de precio de negociación.
Baytex Energy (NYSE:BTE)는 캐나다 증권 규제 기관으로부터 예외 명령을 받아 NYSE 및 기타 미국 기반 거래 시스템을 통해 공개 유통 주식의 10%까지 매입할 수 있게 되었습니다. 이번 주식 환매 능력 확장은 2025년 6월 24일에 발표된 현재 정상 과정 발행자 매입 프로그램을 포함한 주주 환원 전략의 일환입니다.
이 예외가 없었다면 Baytex는 TSX 외 시장에서 12개월 동안 발행된 보통주 중 5%로 매입이 제한되었을 것입니다. 이 예외 조치는 2028년 7월 11일까지 유효하며, 현재 및 향후 정상 과정 발행자 매입 모두에 적용되며 미국 규정과 거래 가격 제한을 준수해야 합니다.
Baytex Energy (NYSE:BTE) a obtenu une ordonnance d'exemption des régulateurs canadiens des valeurs mobilières permettant à la société d'acheter jusqu'à 10% de son flottant public via le NYSE et d'autres systèmes de négociation basés aux États-Unis. Cette extension de leur capacité de rachat d'actions fait partie de leur stratégie de retour aux actionnaires, incluant leur programme actuel d'achats dans le cours normal des affaires annoncé le 24 juin 2025.
Sans cette exemption, les achats de Baytex sur les marchés hors TSX auraient été limités à 5% des actions ordinaires en circulation sur une période de douze mois. L'exemption est valable jusqu'au 11 juillet 2028 et s'applique tant au programme actuel qu'aux futurs programmes d'achats dans le cours normal des affaires, sous réserve du respect des règles américaines et des restrictions sur le prix de négociation.
Baytex Energy (NYSE:BTE) hat von den kanadischen Wertpapieraufsichtsbehörden eine Ausnahmeregelung erhalten, die es dem Unternehmen erlaubt, bis zu 10% seines Streubesitzes über die NYSE und andere US-basierte Handelssysteme zu erwerben. Diese Erweiterung ihrer Aktienrückkaufmöglichkeit ist Teil ihrer Strategie zur Rückgabe an die Aktionäre, einschließlich des aktuellen regulären Rückkaufprogramms, das am 24. Juni 2025 angekündigt wurde.
Ohne diese Ausnahmeregelung wären Baytex' Käufe an Märkten außerhalb der TSX auf 5% der ausstehenden Stammaktien innerhalb von zwölf Monaten begrenzt gewesen. Die Ausnahmeregelung gilt bis zum 11. Juli 2028 und erstreckt sich sowohl auf das aktuelle als auch auf zukünftige reguläre Rückkaufprogramme, vorbehaltlich der Einhaltung der US-Vorschriften und Handelspreisbeschränkungen.
- Increased share repurchase flexibility with ability to buy up to 10% of public float on U.S. markets
- Extended exemption period through July 2028 provides long-term buyback capability
- Enhanced ability to execute shareholder return strategy across multiple trading venues
- Share repurchases are subject to price restrictions and regulatory compliance requirements
Insights
Baytex secured regulatory exemption to double its US market share repurchase limit to 10%, enhancing buyback flexibility through 2028.
Baytex Energy has secured an important regulatory exemption that significantly expands its share repurchase capabilities. The company can now buy back up to 10% of its public float through US-based trading systems including the NYSE, doubling the previous 5% limitation. This exemption applies to both their current buyback program announced June 24, 2025, and extends to any future programs through July 11, 2028.
This regulatory relief strategically enhances Baytex's flexibility in executing its shareholder return program across multiple markets. By removing the previous constraint that limited US-market purchases, the company can now opportunistically repurchase shares where market conditions are most favorable, potentially improving the overall efficiency of capital deployment.
The exemption comes with important stipulations: purchases must comply with applicable US trading rules, follow National Instrument 23-101 requirements, and cannot exceed market price at purchase time. The aggregate 12-month repurchase limit remains capped at 10% of public float across all markets and exchanges.
For investors, this development signals Baytex's continued commitment to shareholder returns through buybacks, while providing management with enhanced execution capabilities across both Canadian and US trading platforms for the next three years. The expanded flexibility allows the company to be more strategic in its approach to capital allocation across different market environments.
Calgary, Alberta--(Newsfile Corp. - July 14, 2025) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex") today announced it obtained an exemption order from the Canadian securities regulators which permits Baytex to purchase up to 10 percent of the "public float" (within the meaning of the rules of the Toronto Stock Exchange (the "TSX")) of its common shares through the New York Stock Exchange and other U.S.-based trading systems as part of Baytex's shareholder return strategy, including the current normal course issuer bid announced on June 24, 2025 (the "Current Bid"). Absent this exemptive relief, Baytex's purchases under a normal course issuer bid on markets other than the TSX would be limited to not more than 5 percent of its outstanding common shares over any twelve-month period.
The exemptive relief is applicable to the Current Bid and any other normal course issuer bid commenced by Baytex and which expire on or before July 11, 2028 and is conditional upon, among other things, purchases being made in compliance with applicable U.S. rules and National Instrument 23-101 - Trading Rules and at a price not higher than the market price at the time of purchase. The aggregate number of common shares purchased by Baytex over any exchange or market over the relevant 12-month period of a particular normal course issuer bid may not exceed 10 percent of the public float, as specified in Baytex's notice accepted by the TSX in respect of the relevant normal course issuer bid, including the Current Bid.
Baytex Energy Corp
Baytex Energy Corp. is an energy company based in Calgary, Alberta and offices in Houston, Texas. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.
For further information about Baytex, please visit our website at www.baytexenergy.com or contact:
Brian Ector, Senior Vice President, Capital Markets and Investor Relations
Toll Free Number: 1-800-524-5521
Email: investor@baytexenergy.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258687
FAQ
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