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Linamar Announces TSX Approval of Normal Course Issuer Bid
Linamar Announces TSX Approval of Normal Course Issuer Bid Canada NewsWire ...
About this update from Linamar Corporation
[{"type":"text","content":"\n \n \n \n Linamar Announces TSX Approval 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 GUELPH, ON\n \n ,\n \n Nov. 26, 2021\n \n /CNW/ - Linamar Corporation (\"\n \n Linamar\n \n \" or the \"\n \n Company\n \n \") (TSX: LNR) announces that the Toronto Stock Exchange (\"\n \n TSX\n \n \") has accepted the Company's notice of intention to commence a Normal Course Issuer Bid (the \"\n \n NCIB\n \n \"). The Company believes that the NCIB is in the best interest of the Company, will increase shareholder value, and constitutes a desirable use of the Company's available funds.\n \n \n \n Linda Hasenfratz\n \n , Chief Executive Officer of Linamar, stated: \"This NCIB will help support our share price in these volatile times. Our outlook remains positive despite market challenges and we want to ensure that our share price reflects the value we are creating at Linamar.\"\n \n \n Under the NCIB, the Company may repurchase on the open market or such other means as a securities regulatory authority in\n \n Canada\n \n may permit, at its discretion during the period commencing on\n \n November 30, 2021\n \n and ending on the earlier of\n \n November 29, 2022\n \n and the completion of the maximum purchases permitted under the NCIB, up to 4,421,507 outstanding common shares of the Company (the \"\n \n Common Shares\n \n \"), representing approximately 10% of the Company's \"public float\" (within the meaning of the rules of the TSX), subject to the normal terms and limitations of such an NCIB. As of\n \n November 22, 2021\n \n , the Company had 65,450,697 issued and outstanding Common Shares.\n \n \n Under the TSX rules, during the six months ended\n \n October 31, 2021\n \n , the average daily trading volume of the Common Shares on the TSX was 143,379 Common Shares and, accordingly, daily purchases on the TSX pursuant to the NCIB will be limited to 35,844 Common Shares, other than purchases made pursuant to the block purchase exception. The actual number of Common Shares which may be purchased pursuant to the...