Primary Petroleum Sharply Higher After Announcing Share Buyback
Primary Petroleum Corporation (PIE.V) was sharply higher today, jumps 14% to 44 cents in the afternoon from yesterday's $0.385 close, after announcing that it intends to launch a normal course issuer bid to purchase over 7 million of its common shares.
The company said it believes that the market price of its common shares may not reflect their underlying value and that the purchase of common shares for cancellation will increase the proportionate shareholdings of, and will be advantageous to, all remaining shareholders.
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