Suncor Energy's Board of Directors has approved a quarterly dividend of $0.36 per share on its common shares, payable December 24, 2018 to shareholders of record at the close of business on December 3, 2018.
Suncor also announced today that the Toronto Stock Exchange (TSX) accepted a notice filed by Suncor of its intention to amend its existing normal course issuer bid (the NCIB) effective as of November 19, 2018 to purchase common shares through the facilities of the TSX, New York Stock Exchange and/or alternative trading platforms. The notice provides that Suncor may increase the maximum number of common shares that may be repurchased in the period beginning May 4, 2018 and ending May 3, 2019 from approximately $2.15 billion, or approximately 3% of Suncor's issued and outstanding common shares as at April 30, 2018, to approximately $3 billion, or approximately 5% of Suncor's issued and outstanding common shares as at April 30, 2018. The decision to increase the NCIB was previously announced with Suncor's second quarter release on July 25, 2018. No other terms of the NCIB have been amended.
Between May 4, 2018 and November 13, 2018 and pursuant to the NCIB, Suncor has already repurchased approximately $1.98 billion of common shares on the open market. Pursuant to the NCIB (as amended), Suncor has agreed that it will not purchase more than 81,695,830 common shares, of which 39,101,184 common shares have already been purchased between May 4, 2018 and November 13, 2018.
The actual number of common shares that may be purchased and the timing of any such purchases will be determined by Suncor. Suncor believes that, depending on the trading price of its common shares and other relevant factors, purchasing its own shares represents an attractive investment opportunity and is in the best interests of the company and its shareholders. The company does not expect the decision to allocate cash to repurchase shares will affect its long-term growth strategy.
From November 14, 2017 to May 1, 2018, under Suncor's previous normal course issuer bid, Suncor successfully completed the purchase of approximately $926 million worth of its common shares (20,936,298 common shares) at a weighted average price of $44.21 per common share.