Imperial Oil will seek acceptance from the Toronto Stock Exchange to continue its existing share repurchase program facility that will expire on June 24, 2009.
Under the program Imperial will be able to purchase up to five percent of its issued and outstanding shares prior to the date of acceptance by the Toronto Stock Exchange during the 12 months after the program is renewed. That total will be reduced by the number of shares purchased for the company's employee savings plan and employee retirement plan. Imperial retains flexibility regarding when and how many shares are purchased. Imperial currently has approximately 848 million shares outstanding. Acceptance is expected on June 23, 2009.
Exxon Mobil Corporation, Imperial's majority shareholder, will also sell its shares to Imperial outside the provisions of, but concurrently with, the normal course issuer bid in order to maintain its proportionate share ownership at 69.6%. The maximum number of shares that may be purchased pursuant to the normal course issuer bid will also be reduced by the number of shares purchased from Exxon Mobil Corporation. Exxon Mobil Corporation said it will review this arrangement from time to time and inform Imperial of any change in its intentions.
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