Imperial Oil Limited (TSE: IMO, NYSE American: IMO) has received final acceptance from the Toronto Stock Exchange (TSX) for a normal course issuer bid (NCIB) to repurchase up to five percent of its outstanding common shares. This move highlights the company's commitment to returning value to its shareholders.

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Stock Buyback Program Details

Imperial Oil's new one-year program, set to commence on June 29, 2023, will allow the company to repurchase a maximum of 29,207,635 shares, which represents up to five percent of its outstanding common shares as of June 15, 2023. The program will conclude either upon reaching the maximum allowable number of shares or on June 28, 2024.

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Automatic Share Purchase Plan

To facilitate the purchase of common shares, Imperial Oil has established an automatic share purchase plan with its designated broker. This plan will enable the company to buy back shares both under the NCIB and concurrently from its majority shareholder, Exxon Mobil Corporation. This approach ensures compliance with regulatory restrictions or self-imposed black-out periods. The plan has received pre-clearance from the TSX and will be effective starting June 29, 2023.