Triton Energy Corp. announced that the TSX Venture Exchange has accepted Triton's Notice of Intention to make a Normal Course Issuer Bid to purchase for cancellation, from time to time, as Triton considers advisable, up to a maximum of 3,192,000 common shares of the Corporation.
The maximum number of Common Shares to be purchased pursuant to the Bid represents approximately 10% of the "public float" of the Common Shares outstanding on the date hereof, calculated in accordance with the rules of the TSXV (being approximately 31,920,080 Common Shares). Purchases of Common Shares will be made on the open market through the facilities of the TSXV.
The price which Triton will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares on the TSXV at the time of such purchase. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by Triton. The Corporation has retained Acumen Capital Finance Partners Limited as its broker to conduct the Bid on behalf of the Corporation.
The Bid will commence on October 9, 2008 and will terminate on October 8, 2009 or such earlier time as the Bid is completed or terminated at the option of Triton.
Management of Triton believes that, from time to time, the market price of the Common Shares may not fully reflect the underlying value of the Common Shares and that at such times the purchase of Common Shares would be in the best interests of all shareholders of the Corporation. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders. In addition, the purchases by Triton may increase liquidity to shareholders wishing to sell their Common Shares.
Triton has not made any purchases of Common Shares during the previous 12 months.
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