08:43 AM EST, 03/07/2024 (MT Newswires) -- Tidewater Midstream and Infrastructure Ltd. ( TWMIF ) on Thursday announced that it has received Toronto Stock Exchange approval of the corporation's notice of intention to make a Normal Course Issuer Bid. The NCIB will commence on March 11, 2024 and end on March 10, 2025 , or such earlier date as Tidewater may determine or as Tidewater may complete purchases pursuant to the NCIB.

According to a statement, the purpose of the NCIB is to deploy cash resources from current cash on hand and future free cash flow to purchase common shares in the capital of the corporation in the open market. Tidewater "believes that the market price of the shares may not reflect the corporation's intrinsic value and future prospects, and that the purchase of Shares may represent an appropriate use of the corporation's financial resources to enhance shareholder value".

Tidewater have received TSX approval to purchase the maximum allowable number of shares of the next 12 month period, being 31,346,603 shares, representing approximately 10% of the public float of shares as at February 29, 2024 . The number of outstanding shares as at February 29, 2024 was 428,229,583.