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Posted by
Two Blokes May 22, 2025 -
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Offer Results in a CAD$1.18 Per Share Distribution or 24.9% Yield (to Frontera's Share Price Prior to the Offer's Announcement) Assuming Full and Pro-Rata Shareholder Participation Approximately US$144 Million Returned to Shareholders in Last Twelve Months, Including Successful Completion of this Substantial Issuer Bid Frontera May Consider Additional Strategic Initiatives or Transactions in the Future CALGARY, AB , May 21, 2025 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") announces that its board of directors (the "Board") has approved the commencement of a substantial issuer bid (the "Offer") pursuant to which the Company will offer to purchase from holders ("Shareholders") of common shares of the Company (the "Shares") up to 7,583,333 Shares for cancellation at a purchase price of CAD$12.00 per Share (the "Purchase Price"), for an aggregate purchase price not exceeding CAD$91,000,000 (equivalent to US$65,000,000). Orlando Cabrales, Chief Executive Officer (CEO), Frontera, commented: "With the successful ODL pipeline recapitalization now complete, Frontera is following through on its commitment to return significant value to its stakeholders by distributing CAD$91 million via this share buyback and up to an additional US$65 million via the recently announced tender offer and consent solicitation in respect of the Company's 7.875% Senior Secured Notes due 2028.
