Business
Cogeco Announces the Launch of a Normal Course Issuer Bid
Cogeco Announces the Launch of a Normal Course Issuer Bid Canada NewsWire MON...
About this update from Cogeco Inc.
[{"type":"text","content":"\n \n \n \n Cogeco Announces the Launch of a 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 Jan. 16, 2023\n \n \n /CNW Telbec/ - Cogeco Inc. (the \"Corporation\" or \"Cogeco\") (TSX: CGO) 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 January 18, 2023\n \n and will not continue beyond\n \n January 17, 2024\n \n .\n \n \n The notice will enable Cogeco to acquire up to 325,000 Subordinate Shares for cancellation, representing approximately 2.3% of the 14,138,636 Subordinated Shares outstanding as at\n \n January 4, 2023\n \n .\n \n \n Cogeco 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 3,624 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 cancelled.\n \n \n The price to be paid by the Corporation for any Subordinate Share will be the market price at the time of acquisition, plus brokerage fees whe...