Business
Cogeco Communications Announces the Renewal of Its Normal Course Issuer Bid
Cogeco Communications Announces the Renewal of Its Normal Course Issuer Bid Canada News...
About this update from Cogeco Communications Inc.
[{"type":"text","content":"\n \n \n \n Cogeco Communications Announces the Renewal of Its 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 MONTRÉAL\n \n ,\n \n \n May 1, 2023\n \n \n /CNW/ - Cogeco Communications Inc. (the \"Corporation\" or \"Cogeco Communications\") announces that the Toronto Stock Exchange (the \"TSX\") has accepted its notice of intention for a normal course issuer bid in respect of its Subordinate Voting Shares (the \"Subordinate Shares\"). Purchases pursuant to the notice will not commence prior to\n \n May 4, 2023\n \n and will not continue beyond\n \n May 3, 2024\n \n .\n \n \n The notice will enable Cogeco Communications to acquire up to 1,776,125 Subordinate Shares for cancellation, representing approximately 10.0 %  of the 17,761,259  Subordinate Shares constituting the \"public float\" of the Corporation's issued and outstanding as of\n \n April 24, 2023\n \n . There were a total of 28,793,378 Subordinate Shares issued and outstanding as of\n \n April 24, 2023\n \n .\n \n \n Cogeco Communications believes that from time to time, the purchase of its Subordinate Shares under the normal course issuer bid is an appropriate and desirable use of available cash to increase shareholder value and that it provides additional investment returns to its shareholders.\n \n \n All purchases will be conducted through the facilities of the TSX or Canadian alternative trading systems, if eligible, and will conform to their regulations. Purchases under the normal course issuer bid will be made by means of open market transactions.\n \n \n Under TSX rules, the Corporation will be allowed to purchase daily, through the facilities of the TSX, a maximum of 33,705  Subordinate Shares representing 25% of the average daily trading volume, as calculated per the TSX rules. In addition, the Corporation may make, once per week, a block purchase (as such term is defined in the TSX Company Manual) of Subordinate Shares not directly or indirectly owned by insiders of the Corporation, in accordance with TSX rules. ...