Business
Cogeco Communications Announces the Renewal of its Normal Course Issuer Bid
Cogeco Communications Announces the Renewal of its Normal Course Issuer Bid Canada...
About this update from Cogeco Communications Inc.
[{"type":"text","content":"\n\n\n\nCogeco Communications Announces the Renewal of its Normal Course Issuer Bid\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\nCanada NewsWire\nMONTRÉAL, April 30, 2020\n\n\n\nMONTRÉAL, April 30, 2020 /CNW Telbec/ - 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 May 4, 2020 and will not continue beyond May 3, 2021.\nThe notice will enable Cogeco Communications to acquire up to 1,809,000 Subordinate Shares for cancellation representing 10% percent of the 18,094,441 shares constituting the \"public float\" of the Corporation's issued and outstanding Subordinate Shares as at April 21, 2020. Cogeco Communications had 32,474,733 Subordinate Shares issued and outstanding as at April 21, 2020. \nCogeco Communications currently believes that 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.\nAll 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.  \nUnder TSX rules, the Corporation will be allowed to purchase daily, through the facilities of the TSX, a maximum of 32,144 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. The Subordinate Shares purchased pursuant to the normal course issuer bid will be cancell...