CALGARY, AB, March 25, 2026 /CNW/ - Rockpoint Gas Storage Inc. ("Rockpoint" or the "Company") (TSX: RGSI) is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted Rockpoint's notice of intention to commence a normal course issuer bid ("NCIB") in respect of its Class "A" common shares (the "Class A Shares") through the facilities of the Toronto Stock Exchange ("TSX") and/or other alternative trading systems in Canada.
The NCIB will commence on March 27, 2026 and will terminate on the earlier of March 26, 2027, the date on which Rockpoint has purchased the maximum number of Class A Shares permitted under the NCIB or the date on which Rockpoint terminates the NCIB in accordance with its terms.
The NCIB allows Rockpoint to repurchase Class A Shares in line with its broader capital allocation strategy, which prioritizes maintaining a strong balance sheet, investing in the business to sustainably grow its distributable cash flow and dividends and returning additional capital to shareholders. Rockpoint believes that, from time to time, the Class A Shares may trade in price ranges that do not fully reflect their value. In such circumstances, Rockpoint believes that acquiring Class A Shares may represent an attractive and desirable use of funds.
Under the NCIB, Rockpoint may, over a 12-month period commencing on March 27, 2026, purchase in the normal course through the facilities of the TSX and/or other Canadian alternative trading systems, if eligible, up to 5,316,025 Class A Shares, such amount representing 10% of the public float (as defined by the TSX) of the Class A Shares as at March 23, 2026. Rockpoint had 53,200,000 Class A Shares issued and outstanding on March 23, 2026.
Subject to certain exemptions for block purchases, the maximum number of Class A Shares that Rockpoint may acquire on any one trading day is 53,277 Class A Shares, such amount representing 25% of the average daily trading volume of the Class A Shares for all of the completed calendar months since the Class A Shares were listed on the TSX. All Class A Shares purchased by Rockpoint under the NCIB will be cancelled.
Rockpoint may enter into an automatic share purchase plan ("ASPP") with its broker in relation to the NCIB to facilitate purchases of Class A Shares thereunder at times when Rockpoint would not normally be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Pursuant to any such ASPP, outside of such blackout periods, when Rockpoint is not in possession of material non-public information about itself or its securities, Rockpoint would be entitled to direct its broker to make purchases of Class A Shares under the NCIB during a future trading blackout period. Any such purchases will be based on trading parameters established by Rockpoint at the time of giving such direction in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP.
Throughout the term of the NCIB, Rockpoint and the other parties to the exchange agreement dated October 7, 2025 will undertake certain transactions to maintain the required one-to-one ratios between: (a) the number of outstanding Class A Shares and the interests in Swan Equity Aggregator LP and BIF II CalGas (Delaware) LLC (collectively, the "OpCos") owned by the Company; and (b) the number of class "B" voting shares of the Company owned by Brookfield Infrastructure Holdings (Canada) Inc. ("Brookfield") and the interests in the OpCos owned by Brookfield. As a result, purchases of Class A Shares under the NCIB will not impact Rockpoint's 40% ownership interest in the OpCos.
About Rockpoint Gas Storage
Rockpoint Gas Storage is the largest independent pure play operator of natural gas storage facilities in North America. Rockpoint Gas Storage owns and operates six strategically located natural gas storage facilities with a combined effective working gas storage capacity of approximately 280 Bcf that is critical for ensuring the reliable and stable supply of natural gas in its service areas. The Company believes that the assets are uniquely positioned to capture the benefits associated with growing natural gas demand, particularly from LNG, gas-fired power generation to support data centre growth, oil sands and electrification broadly. Rockpoint Gas Storage's business strategy is to optimize its storage platform to capitalize on these demand trends and offer its customers unique and highly customizable natural gas storage solutions which are critical to their operations.
Proudly headquartered in Calgary, Alberta, Rockpoint Gas Storage's asset portfolio has a 38-year operating history and is managed by an industry leading and highly experienced management team.
Forward-Looking Statements
This news release contains certain forward-looking information and statements based on Rockpoint's current expectations, estimates, projections and assumptions in light of its experience and perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as "may", "will", "expects", and similar expressions.
In particular, this news release contains forward-looking information and statements relating to Class A Share purchases under the NCIB, including potential purchases to be made, the effects and benefits of the NCIB, the cancellation of all Class A Shares acquired under the NCIB, expectations with respect to an ASPP, the maintenance of the one-to-one ratios required under the exchange agreement dated October 7, 2025 and Rockpoint's business and capital allocation strategy. These forward-looking statements are being made by Rockpoint based on certain assumptions that Rockpoint has made in respect thereof as at the date of this news release regarding, among other things: prevailing and future market prices for the Class A Shares, prevailing and future commodity prices, margins, volumes and exchange rates; that Rockpoint's future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital; future cash flow and debt levels; and that all required regulatory approvals will be obtained in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to several known and unknown risks and uncertainties, including, but not limited to: general economic and market conditions in North America and elsewhere; market prices for the Class A Shares being too high to realize the anticipated benefits of the NCIB; fluctuations in operating results; and certain other risks detailed from time to time in Rockpoint's public disclosure documents including, among other things, those detailed in Rockpoint's supplemented PREP prospectus dated October 8, 2025 (including under the heading "Risk Factors" therein) which can be found under Rockpoint's profile at www.sedarplus.ca.
Readers are cautioned against placing undue reliance on the forward-looking information and statements in this news release, which speak only as of the date of this news release. Except as required by applicable securities laws, Rockpoint undertakes no obligation to update or revise publicly any forward-looking information or statements, whether as a result of new information, future events or otherwise, after the date on which the information is provided or statements are made.
SOURCE Rockpoint Gas Storage Inc.
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Contacts: Rockpoint Gas Storage Inc. - Investor.Relations@rockpointgs.com