XML 58 R28.htm IDEA: XBRL DOCUMENT
v3.21.2

Share Capital and Warrants | 9 Months Ended
--- | ---
Sep. 30, 2021
Disclosure of classes of share capital [abstract] |
Share Capital and Warrants |
22. SHARE CAPITAL AND WARRANTS
A) Authorized Cenovus is authorized to issue an unlimited number of common shares, and first and second preferred shares not exceeding, in aggregate, 20 percent of the number of issued and outstanding common shares. The first and second preferred shares may be issued in one or more series with rights and conditions to be determined by the Company’s Board of Directors prior to issuance and subject to the Company’s articles. Prior to the close of the Arrangement, Cenovus’s articles were amended to create the Cenovus series 1, 2, 3, 4, 5, 6, 7 and 8 first preferred shares. B) Issued and Outstanding – Common Shares
| September 30, 2021 |  |  | December 31, 2020 |
As at | Number of Common Shares (thousands) |  |  | Amount |  |  | Number of Common Shares (thousands) |  |  | Amount |
Outstanding, Beginning of Year |  | 1,228,870 |  |  |  | 11,040 |  |  |  | 1,228,828 |  |  |  | 11,040 |
Issued Under the Arrangement, Net of Issuance Costs |  | 788,518 |  |  |  | 6,110 |  |  |  | — |  |  |  | — |
Issued Upon Exercise of Warrants (Note 22D) |  | 214 |  |  |  | 2 |  |  |  | — |  |  |  | — |
Issued Under Stock Option Plans (Note 24) |  | 34 |  |  |  | — |  |  |  | 42 |  |  |  | — |
Outstanding, End of Period |  | 2,017,636 |  |  |  | 17,152 |  |  |  | 1,228,870 |  |  |  | 11,040 |
As at September 30, 2021, there were 30 million (December 31, 2020 – 27 million) common shares available for future issuance under the stock option plan. C) Issued and Outstanding – Preferred Shares
As at September 30, 2021 | Number of Preferred Shares (thousands) |  |  | Amount |
Outstanding, Beginning of Year |  | — |  |  |  | — |
Issued Under the Arrangement (Note 4A) |  | 36,000 |  |  |  | 519 |
Outstanding, End of Period |  | 36,000 |  |  |  | 519 |
As at September 30, 2021 | Dividend Reset Date |  | Dividend Rate |  |  | Number of Preferred Shares (thousands) |
Series 1 First Preferred Shares | March 31, 2026 |  |  | 2.58 | % |  |  |  | 10,740 |
Series 2 First Preferred Shares | March 31, 2026 |  |  | 1.92 | % |  |  |  | 1,260 |
Series 3 First Preferred Shares | December 31, 2024 |  |  | 4.69 | % |  |  |  | 10,000 |
Series 5 First Preferred Shares | March 31, 2025 |  |  | 4.59 | % |  |  |  | 8,000 |
Series 7 First Preferred Shares | June 30, 2025 |  |  | 3.94 | % |  |  |  | 6,000 |
Cenovus Series 1 First Preferred Shares In March 2021, 274 thousand series 1 first preferred shares were tendered for conversion into series 2 first preferred shares. The new annual fixed-rate dividend applicable to the series 1 first preferred shares for the five-year period commencing March 31, 2021, to March 30, 2026, is 2.58 percent, being equal to the sum of the Government of Canada five-year bond yield of 0.85 percent plus 1.73 percent in accordance with the terms of the series 1 first preferred shares. Holders of series 1 first preferred shares will have the right, at their option, to convert their shares into series 2 first preferred shares, subject to certain conditions, on March 31, 2026, and on March 31 every five years thereafter. The annual fixed-rate dividend was 2.40 percent for the previous period ending March 30, 2021. Cenovus Series 2 First Preferred Shares In March 2021, 578 thousand series 2 first preferred shares were tendered for conversion into series 1 first preferred shares. Holders of the series 2 first preferred shares will be entitled to receive cumulative quarterly floating dividends, reset every quarter, at a rate equal to the 90-day Government of Canada Treasury Bill yield plus 1.73 percent. Holders of series 2 first preferred shares will have the right, at their option, to convert their shares into series 1 first preferred shares, subject to certain conditions, on March 31, 2026, and on March 31 every five years thereafter. The floating-rate dividend was 1.84 percent for the previous period ending September 29, 2021. The new quarterly floating-rate dividend applicable for the period commencing September 30, 2021, to December 29, 2021, is 1.92 percent. Cenovus Series 3 First Preferred Shares The dividend rate will be reset every five years at the rate equal to the five-year Government of Canada bond yield plus 3.13 percent. Holders of series 3 first preferred shares will have the right, at their option, to convert their shares into series 4 first preferred shares, subject to certain conditions, on December 31, 2024, and on December 31 every five years thereafter. Holders of the series 4 first preferred shares will be entitled to receive cumulative quarterly floating dividends, reset every quarter, at a rate equal to the 90-day Government of Canada Treasury Bill yield plus 3.13 percent. Cenovus Series 5 First Preferred Shares The dividend rate will be reset every five years at the rate equal to the five-year Government of Canada bond yield plus 3.57 percent. Holders of series 5 first preferred shares will have the right, at their option, to convert their shares into series 6 first preferred shares, subject to certain conditions, on March 31, 2025, and on March 31 every five years thereafter. Holders of the series 6 first preferred shares will be entitled to receive cumulative quarterly floating dividends, reset every quarter, at a rate equal to the 90-day Government of Canada Treasury Bill yield plus 3.57 percent. Cenovus Series 7 First Preferred Shares The dividend rate will be reset every five years at the rate equal to the five-year Government of Canada bond yield plus 3.52 percent. Holders of series 7 first preferred shares will have the right, at their option, to convert their shares into series 8 first preferred shares, subject to certain conditions, on June 30, 2025, and on June 30 every five years thereafter. Holders of the series 8 first preferred shares will be entitled to receive cumulative quarterly floating dividends, reset every quarter, at a rate equal to the 90-day Government of Canada Treasury Bill yield plus 3.52 percent. Cenovus Second Preferred Shares There were no second preferred shares outstanding as at September 30, 2021 (December 31, 2020 – nil). D) Issued and Outstanding – Warrants
As at September 30, 2021 | Number of Warrants (thousands) |  |  | Amount |
Outstanding, Beginning of Year |  | — |  |  |  | — |
Issued Under the Arrangement (Note 4A) |  | 65,433 |  |  |  | 216 |
Exercised and Common Shares Issued (Note 22B) |  | (214) |  |  |  | — |
Outstanding, End of Period |  | 65,219 |  |  |  | 216 |
The exercise price of the warrants issued under the Arrangement is $6.54.

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfClassesOfShareCapitalAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for share capital, reserves and other equity interest. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 79 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_79&doctype=Standard -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration