Business
Linamar Announces TSX Approval of Renewal of Normal Course Issuer Bid
Linamar Announces TSX Approval of Renewal of Normal Course Issuer Bid Canada NewsW...
About this update from Linamar Corporation
[{"type":"text","content":"\n\n\n\nLinamar Announces TSX Approval of Renewal of 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\nGUELPH, ON, March 18, 2020\n\n\n\nGUELPH, ON, March 18, 2020 /CNW/ - Linamar Corporation (\"Linamar\" or the \"Company\") (TSX:LNR) today announced the Toronto Stock Exchange (the \"TSX\") has approved the Company's notice of intention to renew its Normal Course Issuer Bid (the \"Bid\"). \n\n \n \n \n \n \n \n\n \nUnder the Bid, the Company may repurchase on the open market (or as otherwise permitted), at its discretion during the period commencing on March 20, 2020 and ending on the earlier of March 19, 2021 and the completion of the maximum number of purchases permitted under the Bid, up to 4,396,427 common shares of the Company (the \"Common Shares\"), 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 a bid. \nUnder the TSX rules, during the six months ended February 29, 2020, the average daily trading volume of the Common Shares on the TSX was 179,539 Common Shares and, accordingly, daily purchases on the TSX pursuant to the Bid will be limited to 44,884 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 Bid and the timing of any such purchases will be determined by the management of the Company, subject to applicable law and the rules of the TSX.\nAs of March 6, 2020, the Company had 64,958,821 issued and outstanding Common Shares and a \"public float\" of 43,964,265 Common Shares. The Company believes that the Bid is in the best interest of the Company and constitutes a desirable use of its funds.\nPurchases are expected to be made through the facilities of the TSX, or such other permitted means (including through alternative trading systems in Canada), at prevailing market prices or as otherwise permitted. The Bid will be funded using existing cash resources, and any Commo...