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Encana Corporation Message Board

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  • pershing832003 pershing832003 May 8, 2006 10:46 PM Flag

    buybacks does not reduce # of shares

    Stockcars says:

    "The fact is they may or may not end up being cancelled and it depends on the company."

    He is right. If you google this you can find a number of discussions about the whole issue.

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    • From IQ 2006 Results release,

      _________________________________________________________
      Normal Course Issuer Bid purchases
      To April 26, 2006, EnCana has purchased for cancellation approximately 23.3 million of its shares at an average price of US$46.21 per share under its current Normal Course Issuer bid, which allows the company to purchase up to 10 percent of the company?s public float at the time of the approval of the bid ? October, 2005.

      The company had 836 million shares outstanding at March 31, 2006. EnCana?s 2006 capital program is expected to be funded by cash
      flow. An estimated $3.3 billion of after-tax proceeds from the company?s asset divestitures in 2006 are expected to be directed to share purchases and debt repayment.
      ___________________________________________________________

      Note now as cut and paste (re-formatted/excerpted) for easy read as below,

      ... Common Shares Outstanding, Beginning of Year 854.9
      ... Common Shares Issued under Option Plans 2.6
      ... Common Shares Repurchased (21.3)

      ... Common Shares Outstanding, End of Period 836.2

      Repurchased and cancelled shares reduce the number of shares as above per ECA's share repurchase plan.

      Hope it clarifies and helps in the dialog!

 
ECA
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