Imperial announces completion of its $1.5 billion substantial issuer bid

 

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today that it has taken up and paid for 20,689,655 common shares ("Shares") at a price of $72.50 per Share (the "Purchase Price") under Imperial's offer (the "Offer") to purchase for cancellation up to $1.5 billion of its Shares. All amounts are in Canadian dollars.

 

The Shares purchased represent an aggregate purchase of $1.5 billion and 3.4 percent of the total number of Imperial's issued and outstanding Shares as of the close of business on October 31, 2022. Immediately following completion of the Offer, Imperial has 584,152,718 Shares issued and outstanding.

 

A total of 6,289,510 Shares were taken up and purchased pursuant to auction tenders at or below the Purchase Price and pursuant to purchase price tenders. Since the Offer was oversubscribed, shareholders who made auction tenders at or below the Purchase Price and shareholders who made, or were deemed to have made, purchase price tenders had approximately 45 percent of their tendered Shares taken up by Imperial (other than "odd lot" tenders, which were not subject to proration). 14,400,145 Shares were taken up and purchased pursuant to proportionate tenders.

 

Exxon Mobil Corporation ("ExxonMobil"), Imperial's majority shareholder, made a proportionate tender under the Offer in order to maintain its proportionate Share ownership at approximately 69.6 percent, resulting in 14,399,985 Shares being taken up pursuant to the Offer. Immediately following completion of the Offer, ExxonMobil holds 406,569,870 Shares.

 

Imperial has accepted the Shares tendered for purchase and has made payment for the Shares by delivering the aggregate purchase price to Computershare Investor Services Inc., the depositary for the Offer (the "Depositary"). Payment and settlement with shareholders will be effected by the Depositary on or about December 20, 2022, all in accordance with the Offer and applicable law. Any Shares not purchased, including such Shares not purchased as a result of proration or Shares tendered pursuant to auction tenders at prices higher than the Purchase Price or invalidly tendered, will be returned to shareholders as soon as practicable.

 

To assist shareholders in determining the tax consequences of the Offer, Imperial estimates that a deemed dividend in the amount of $70.75 per Share was triggered on the repurchase of each Share, based on the estimated paid-up capital of $1.75 per Share at December 9, 2022. The dividend deemed to have been paid by Imperial to Canadian resident persons is designated as an "eligible dividend" for purposes of the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation.

 

For the purposes of subsection 191(4) of the Income Tax Act (Canada), the "specified amount" in respect of each Share is $68.22.

 

Shareholders should consult with their own tax advisors with respect to the income tax consequences of the disposition of their Shares under the Offer.

 

Imperial retained RBC Capital Markets to act as financial advisor and dealer manager in connection with the Offer.

 

The full details of the Offer are described in the offer to purchase and issuer bid circular dated November 4, 2022, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov .

 

This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Shares.

 

Imperial is one of Canada's largest integrated oil companies. It is active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil and natural gas. In Canada, it is a major producer of crude oil, the largest petroleum refiner and a leading marketer of petroleum products. It is also a major producer of petrochemicals. The company's operations are conducted in three main segments: Upstream, Downstream and Chemical.

 

   Cautionary statement:    Statements of future events or conditions in this release, including projections, expectations and estimates are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, expect, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this release include, but are not limited to, references to timing of payment and settlement with shareholders by the Depositary; the return of Shares not purchased; the estimated paid-up capital per Share; and the estimated deemed dividend triggered on the repurchase of each Share.  

 

  Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual results, including expectations and assumptions could differ materially depending on a number of factors. These factors include those discussed in Item 1A risk factors and Item 7 management's discussion and analysis of financial condition and results of operations of Imperial Oil Limited's most recent annual report on Form 10-K and subsequent interim reports on Form 10-Q.  

 

  Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial's actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.  

 

  After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada's energy resources. As Canada's largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.  

 

Source: Imperial

 

  

  

Investor Relations
(587) 476-4743

 

Media Relations
(587) 476-7010

 

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Westport Announces Closing of Previously Announced Light-Duty Segment Divestiture

Westport Announces Closing of Previously Announced Light-Duty Segment Divestiture

 

Westport Fuel Systems Inc. ("Westport" or the "Company") (TSX:WPRT Nasdaq:WPRT), today announced the successful closing of the previously announced transaction to divest its Light-Duty Segment and outlines its strategic vision for future growth, emphasizing expansion of market share, entering new markets and right sizing its current operations.

 

Today, Westport closed the sale of the Light-Duty Segment to a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. ("Heliaca Investments"), a Netherlands based investment firm supported by Ramphastos Investments Management B.V., a prominent Dutch venture capital and private equity firm (the "Transaction"). The Transaction, initially announced on March 31, 2025, includes the sale of Westport Fuel Systems Italia S.r.l., encompassing the Light-Duty OEM, delayed OEM, and independent aftermarket businesses. Total consideration for the assets was a base price of approximately $79.5 million (€67.7 million), subject to certain adjustments, along with potential earnouts of up to a revised estimate of $3.9 million (€3.3 million) based on future performance milestones.

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BPH Energy Limited  Quarterly Activities Report

BPH Energy Limited Quarterly Activities Report

Perth, Australia (ABN Newswire) - Significant activities by the BPH Energy Limited (ASX:BPH) investees during the June 2025 quarter were as follows:

Advent Energy Limited ("Advent") (BPH 35.8% direct interest) PEP-11 Permit

Advent Energy Limited's100% subsidiary Asset Energy Pty Ltd ("Asset") is a participant in the PEP11 Joint Venture with partner Bounty Oil and Gas NL (ASX: BUY). PEP-11 interests are:

Advent Energy 85 % / Bounty Oil and Gas 15%

On 17 January 2025 the PEP-11 Joint Venture was given notice by NOPTA that the Joint Authority has refused the Joint Venture Applications made on 23 January 2020 and 17 March 2021 and that the PEP-11 permit would continue in force for a period of 2 months from 17 January 2025 (the "Decision").

On 12 February 2025 BPH announced that Asset had applied to the Federal Court for an Originating Application (the "Application") for judicial review pursuant to s 5 of the Administrative Decisions (Judicial Review) Act 1977 (Cth) and s 39B of the Judiciary Act 1903 (Cth) to review the Decision. The Application seeks:

1. An order quashing or setting aside the Decision;

2. A declaration that the Decision is void and of no effect; and

3. An order remitting the First Application and Second Application to the Joint Authority for reconsideration according to law.

On 17 March 2025 the Federal Court made orders by consent further set out in the Company's March 2025 Quarterly Report .

The parties have complied with all programing orders and the matter is now listed for hearing on the 16th and 17th September 2025.

There were no further developments during the June 2025 quarter.

PEP-11 continues in force and the Joint Venture is in compliance with the contractual terms of PEP11 with respect to such matters as reporting, payment of rents and the various provisions of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth).

Cortical Dynamics Limited (Cortical) (BPH 16.4% direct interest)

Technical completion of Cortical's next-generation AI enhanced brain and pain monitoring BARM 2.0 is expected over the next months.

BARM 2.0 is the only solution that unifies hypnotic depth and pain response monitoring, combining EEG with AI in one system, giving clinicians real-time control over anesthesia, and hospitals a smarter, more scalable way to achieve better patient outcomes both during and after surgery.

Post technical completion BARM 2.0 clinical trials are scheduled in the USA and Netherland to be followed by submissions to regulatory authorities worldwide as soon as possible.

Cortical Dynamics was invited to showcase BARM 2.0 at the Australia Regulatory Device Summit 2025, that took place on the 17-18 July at ICC. In attendance were key stakeholders including the US FDA , Therapeutic Goods Administration (TGA) and international regulators from ANVISA (Brazil), HSA (Singapore), and PMDA (Japan). This was a unique chance for Cortical to connect directly with the regulatory community and major global players in medical technology.

Cortical has been selected to exhibit BARM 2.0 at the Medtech on the Hill at Parliament House event in Canberra 27-28 August 22025 organised by Medical Technology Association of Australia (MTAA). In attendance will be Ministers, MPs, Senators, and industry leaders for an evening networking event in Mural Hall, Parliament House. The Showcase brings together a dynamic crosssection of MTAA member companies across therapeutic areas -from Australian startups to global MedTech leaders-offering hands-on demonstrations through a curated patient journey from prevention to management, and the chance to connect directly with the people and companies driving healthcare innovation forward, as well as patients.

MTAA is the peak association representing companies in the medical technology industry. MTAA aims to ensure the benefits of modern, innovative and reliable medical technology are delivered effectively to provide better health outcomes to the Australian community.

Work continues on the development of CORDYAN(TM) which is Cortical Dynamic's new AI focussed predictive App initiative. Utilising proprietary state of the art AI and deep learning expertise Cortical Dynamics is developing game changing medical Apps that can be used in association with BARM 2.0 or standalone and /or be integrated into leading OEM healthcare systems and EMR (electronic medical records).

CORDYAN(TM)'s development has been facilitated by matched grants from MTPConnect, Australia's premier MedTech governmental organisation and ARM-hub a federal government initiative to accelerate AI related technologies in areas of strategic importance.

Clean Hydrogen Technologies (CHT) (BPH 16.2% direct interest)

As of mid-2024 CHT has developed its engineering and catalyst capabilities to a stage where it has proven consistently in its pilot plant in Nashik, India to produce its 2 products; turquoise hydrogen and a carbon composite made from majority CNT (carbon nanotubes) and CNF (carbon nanofibres), where its core process has not CO2 emissions and its feedstock is the hydrocarbons from natural gas . The next stage is to build production facilities in the USA and India, both being highly industrial markets with demand for CHT's products.

As such since mid-2024 CHT has been designing its production facility for India initially which will produce at the end of its Stage 1 build will produce 820 tonnes of hydrogen and 2,462 tonnes of carbon composite. CHT plans to sell it products to the many industrial users in the State of Maharashtra India, home of its planned production site, and likely Louisiana, USA, with several site options identified.

Before finalising production needs and CHT has been going through the ASME (required for operation in USA) and IS2825 (required for operation in India) review of its engineering designs where this process is almost complete.

CHT is now looking to source the funding required to build its plants in the USA and India where within 3-4 months of minimal funding of US$2.5m it will start producing income, initially in India and then the USA, its primary market.

*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/0072553O

 

About BPH Energy Limited:  

BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.

The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.

BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.

BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).

 

 

Source:
BPH Energy Limited

News Provided by ABN Newswire via QuoteMedia

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Quarterly Activities/Appendix 4C Cash Flow Report

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BPH Energy (BPH:AU) has announced Quarterly Activities/Appendix 4C Cash Flow Report

Download the PDF here.

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5 Best-performing Canadian Oil and Gas Stocks of 2025

Oil prices fell sharply during the second quarter, after reaching year-to-date highs early in the year.

Between January and the end of June, Brent shed 18.26 percent from US$81.69 to US$66.77. West Texas Intermediate made a similar decline falling 16.94 percent from US$78.86 to US$65.50, over the same time period.

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Global supply was further bolstered by China’s strong import volumes and rising domestic output, giving refiners room to delay purchases and adding to a mild US inventory build, both of which added downward pressure.

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Despite that backdrop, the five top-performing oil and gas stocks on the TSX and TSXV have seen share price growth over Q2 2025. All year-to-date performance and share price data was obtained on July 16, 2025, using TradingView’s stock screener, and oil and gas companies with market caps above C$10 million at that time were considered.

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Statistics Canada released June consumer price index (CPI) data on Tuesday (July 15). The report shows that year-on-year inflation gained momentum during the month, rising to 1.9 percent from 1.7 percent recorded in May.

The increase was attributed in part to the 13.4 percent year-on-year decline in gas prices seen in June, as it was a smaller drop than May’s 15.5 percent decrease caused by the removal of the consumer carbon tax.

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