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AUTOCANADA RECEIVES TSX APPROVAL FOR RENEWAL OF NORMAL COURSE ISSUER BID
AUTOCANADA RECEIVES TSX APPROVAL FOR RENEWAL OF NORMAL COURSE ISSUER BID Canada NewsWir...
About this update from Autocanada Inc.
[{"type":"text","content":"\n \n \n \n AUTOCANADA RECEIVES TSX APPROVAL FOR RENEWAL OF NORMAL COURSE ISSUER BID\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n EDMONTON, AB\n \n \n ,\n \n \n Dec. 22, 2022\n \n \n /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX: ACQ), a multi-location North American automobile dealership group, announced today that it has received approval from the Toronto Stock Exchange (\"TSX\") for the renewal of its normal course issuer bid (\"NCIB\"), Pursuant to the NCIB, AutoCanada may purchase up to 1,350,048 common shares during the 12-month period commencing December 28, 2022 and ending\n \n December 27\n \n , 2023 or such earlier date as the Company may complete its purchases under the NCIB.\n \n \n \n \n \n \n \n \n \n The renewal of the NCIB follows on the conclusion of AutoCanada's previous NCIB that expired today. From\n \n December 23, 2021\n \n to\n \n December 22, 2022\n \n , AutoCanada purchased 1,730,321 common shares at a weighted average price of\n \n $32.70\n \n per common share. The renewal of the NCIB also follows on the Company's substantial issuer bid that expired on\n \n December 16, 2022\n \n with the results of the substantial issuer bid having been announced on\n \n December 19, 2022\n \n . As a result of AutoCanada's recent substantial issuer bid, AutoCanada is prohibited pursuant to section 2.5 of National Instrument 62-104\n \n Take-Over Bids and Issuer Bids\n \n from acquiring any common shares until\n \n January 19, 2023\n \n .\n \n \n The number of common shares authorized for purchase under the NCIB represents 10% of AutoCanada's public float as of\n \n December 20, 2022\n \n (calculated in accordance with TSX rules). Purchases will be made through the facilities of the TSX and/or alternative Canadian trading systems at prevailing market prices in accordance with the rules and policies of the TSX and applicable securities laws. Daily repurchases will be limited to a maximum of 21,695 common shares, representing 25% of the average daily trading volume for the six mon...