Via press release on Friday (and here for those of you who missed it) TAG announced its intention to acquire up to 6,073,339 of its common shares for cancelation through the Toronto Stock Exchange, subject to TSX acceptance.
TAG’s share buyback program is based on our belief that the market price of the Company’s shares don’t reflect their underlying value. Purchasing and cancelling shares will increase the proportionate interest of remaining shares, which is to the advantage of shareholders. To follow the progress please click here: http://canadianinsider.com/node/7?menu_tickersearch=tao
The common shares that may be repurchased over a twelve-month period represent approximately 10% of TAG’s 60,733,391 outstanding common shares in the public float. There have been 867,000 common shares purchased and cancelled under a normal course issuer bid by TAG within the past 12 months at an average weighted purchase price of $3.83 per common share. Now back to drilling for oil and gas!