Pittsburgh based Global chemical leader NOVA Chemicals Corporation announced its Board of Directors has authorized another normal course issuer bid to repurchase shares through the Toronto Stock Exchange Under the rules of the TSX, NOVA Chemicals may purchase up to a maximum of 10% of its "public float" or 7,246,974 of its common shares.
"Company is focused on maximizing shareholder value and remain committed to maintaining a strong balance sheet," said Jeffrey M. Lipton, NOVA Chemicals' President and Chief Executive Officer. "They believe that buying NOVA Chemicals' common shares represents an effective use of the company's financial resources."
The company expects to commence the issuer bid on July 26, 2005. The normal course issuer bid will continue until the earlier of July 25, 2006, or the date the company has purchased the maximum number of common shares permitted under the bid, or otherwise terminates the bid. All shares purchased under the bid will be cancelled. As of July 15, 2005, the company had 82,316,438 common shares issued outstanding. NOVA Chemicals' previous share buyback was completed when a total of 7,533,151 shares were purchased by March 14, 2005.
NOVA Chemicals Corporation was launched as an independent, publicly traded chemical company. NOVA Chemicals produces commodity plastics and chemicals that are essential to everyday life. Their employees develop and manufacture materials for customers worldwide that produce consumer, industrial and packaging products. They work with a commitment to Responsible Care to ensure effective health, safety, security and environmental stewardship. Company shares are traded on the Toronto and New York stock exchanges as NCX.
NOVA Chemicals Corporation
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