Encana Corporation (NYSE, TSX: ECA) stock observed trading -67.30% off 52-week high price. On the other end, the stock has been noted 13.52% away from low price over the last 52-weeks. The stock disclosed a move of -1.92% away from 50 day moving average and -26.69% away from 200 day moving average. Moving closer, we can see that shares have been trading 3.61% off 20-day moving average. It has market cap of $6074.47M and dividend yield of 1.57%.
On Sept. 04, 2019, Encana Corporation (NYSE, TSX:ECA) declared the final results of its substantial issuer bid (the Offer) under which it has accepted to purchase for cancellation 47,333,333 of its common shares (Shares) at a purchase price of US$4.50 per Share, for an aggregate purchase price of approximately US$213 million. Shares purchased under the Offer represent approximately 3.5% of the issued and outstanding Shares at the time that the Offer was commenced.
Based on the final count by AST Trust Company (Canada), the depositary for the Offer, a total of 127,957,593 Shares were properly tendered and not properly withdrawn. As the Offer was oversubscribed, shareholders who made auction tenders at a price of US$4.50 or less per Share and purchase price tenders will have approximately 70.69% of their successfully tendered Shares purchased by Encana (other than odd lot holders, whose Shares will be purchased on a priority basis). Shareholders who made auction tenders at a price in excess of US$4.50 per Share will have their Shares returned by the depositary for the Offer. Payment for the Shares accepted for purchase under the Offer will occur in accordance with the terms of the Offer and applicable law.
To assist shareholders in determining the tax consequences of the Offer, Encana estimates that for the purposes of the Income Tax Act (Canada), the paid-up capital per Share is approximately C$8.39 (or US$6.31, based on the Bank of Canada daily average foreign exchange rate as at the expiry of the Offer). Given that the estimated paid-up capital per Share amount exceeds the purchase price of US$4.50 per Share, shareholders who have sold Shares to Encana pursuant to the Offer will not be deemed to have received a taxable dividend as a result of such sale.
The specified amount for purposes of subsection 191(4) of the Income Tax Act (Canada) is US$4.45 (or C$5.92, based on the Bank of Canada daily average foreign exchange rate as at the expiry of the Offer).
This news release is for informational purposes only and is not intended to and does not constitute an offer to purchase or the solicitation of an offer to sell Shares.
The Canada based company Encana Corporation moved with change of 1.83% to $4.45 with the total traded volume of 16294442 shares in recent session versus to an average volume of 24259.63K. The stock was observed in the 5 days activity at 3.25%. The one month performance of stock was 4.71%. ECA’s shares are at -11.00% for the quarter and driving a -66.47% return over the course of the past year and is now at -23.01% since this point in 2018. Right now the stock beta is 1.97. The average volatility for the week and month was at 3.17% and 4.65% respectively. There are 1365.05M shares outstanding and 1238.09M shares are floated in market.