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GFL Environmental Inc. Announces Renewal of Share Repurchase Program
GFL Environmental Inc. Announces Renewal of Share Repurchase Program Canada NewsWire ...
About this update from Gfl Environmental Inc
[{"type":"text","content":"\n \n \n \n GFL Environmental Inc. Announces Renewal of Share Repurchase Program\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 VAUGHAN, ON\n \n \n ,\n \n \n May 10, 2023\n \n \n /CNW/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (\"\n \n GFL\n \n \" or the \"\n \n Company\n \n \") today announced that the Toronto Stock Exchange (\"\n \n TSX\n \n \") has accepted the Company's notice of intention to renew its normal course issuer bid (the \"\n \n NCIB\n \n \") for the 12-month period commencing on\n \n May 12, 2023\n \n , and ending no later than\n \n May 11\n \n , 2024.  The NCIB will be conducted through the facilities of the TSX and the New York Stock Exchange (\"\n \n NYSE\n \n \") or alternative Canadian trading systems, if eligible.\n \n \n \n \n \n \n \n \n \n As at\n \n March 31, 2023\n \n , GFL had 409,803,759 shares outstanding on a diluted basis, including subordinate voting shares, multiple voting shares, preferred shares and after giving effect to dilutive instruments.\n \n \n The NCIB only relates to subordinate voting shares, of which GFL had 357,342,405 subordinate voting shares issued and outstanding as of\n \n May 2, 2023\n \n . Under the NCIB, a maximum of 17,867,120 subordinate voting shares (representing 5% of the issued and outstanding shares) may be repurchased by GFL. All subordinate voting shares repurchased by GFL under the NCIB will be cancelled.\n \n \n \"We are renewing our share repurchase program as we believe that, from time to time, the market price of our shares does not reflect the underlying value of our business and growth prospects,\" said\n \n Patrick Dovigi\n \n , Founder and Chief Executive Officer of GFL. \"While our capital allocation plans do not contemplate share repurchases, in the right conditions, we believe that the repurchase of our shares under a share buyback program could be opportunistic and an appropriate and desirable use of our available excess cash on hand.\"  Mr. Dovigi concluded, \"The decision to repurchase any of our shares will be measured against ...