Suncor Energy Inc, the integrated energy company, announces plans for a two-for-one share split of its issued and outstanding common shares.
The split will make Suncor’s shares more affordable for investors and boost their liquidity after a 21 percent gain in the past year.
The Calgary, Alberta-based company, which runs Canada's second-largest oil sands mining and synthetic crude processing operation, said it will seek shareholder approval for the split at its annual meeting on April 24 in Calgary.
Two-for-one
The last split its shares two for one in May 2002, after which they were worth C$27.75.
Since 2002, the trading price of the company’s common shares on the TSX has risen from $27.75 to highs of over $109 in 2007. The company had previously completed two-for-one share splits in 1997 and 2000.
The stock closed off 57 Canadian cents at C$100.65 on the Toronto Stock Exchange on Wednesday.
Thursday 28, 2008