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Algoma Central Corporation Announces Renewal of Normal Course Issuer Bid
Algoma Central Corporation (“Algoma” or the “Company”) (TSX:ALC), a l...
About this update from Algoma Central Corporation
[{"type":"text","content":"Algoma Central Corporation Announces Renewal of Normal Course Issuer Bid\n\n\n\n\n\n\n Algoma Central Corporation (“Algoma” or the “Company”) (TSX:ALC), a leading provider of marine transportation services, announced today that the Toronto Stock Exchange (“TSX”) has accepted its notice of intention to proceed with the renewal of its normal course issuer bid (the “NCIB”).\n \n\n Algoma’s Board of Directors believes that the market price of Algoma’s common shares (“Shares”), from time to time, may not reflect the inherent value of the Company and purchases of Shares pursuant to the NCIB may represent an appropriate and desirable use of funds. Any purchases made under the NCIB will be made by Algoma subject to favourable market conditions at the prevailing market price at the time of acquisition through the facilities of the TSX and/or alternative Canadian trading systems.\n \n\n Pursuant to the notice, during the twelve month period commencing March 21, 2025 and ending March 20, 2026, Algoma may purchase up to 2,028,391 of its Shares, representing approximately 5% of the 40,567,816 Shares that were issued and outstanding as of March 7, 2025. Under the NCIB, other than purchases made pursuant to block purchase exemptions, Algoma may purchase up to 2,063 Shares on the TSX during any trading day, which represents approximately 25% of the average daily trading volume of the Shares on the TSX for the past six calendar months, being 8,252 Shares. Any Shares purchased under the NCIB will be cancelled.\n \n\n In conjunction with the renewal of the NCIB, Algoma has entered into a new automatic share purchase plan (the “ASPP”) with a designated broker to allow for the purchase of its Shares under the NCIB at times when Algoma normally would not be active in the market due to applicable regulatory restrictions or internal trading black-out periods.\n \n\n Before the commencement of any particular internal trading black-out period, Algoma may, but is not required to, instruct its designated broker to make purchases of Shares under the NCIB during the ensuing black-out period in accordance with the terms of the ASPP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Algoma prior to commenceme...