Business
Magellan Aerospace Announces Renewal of Normal Course Issuer Bid
Magellan Aerospace Corporation (“Magellan or Corporation") (TSX: MAL) announced today that...
About this update from Magellan Aerospace Corporation
[{"type":"text","content":"Magellan Aerospace Announces Renewal of Normal Course Issuer Bid\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Magellan Aerospace Corporation (“Magellan or Corporation\") (TSX: MAL) announced today that the Toronto Stock Exchange has accepted notice filed by Magellan to make a normal course issuer bid (“NCIB”) through facilities of the Toronto Stock Exchange (the “TSX”) or other alternative Canadian trading systems.\n \n\n The notice provides that Magellan may, during the 12 month period commencing June 13, 2025 and ending June 12, 2026, purchase for cancellation up to 2,856,929, being 5% of the 57,138,580 issued and outstanding common shares as at May 30, 2025. Magellan will not acquire more than 4,863 common shares during a trading day, being 25% of 19,455, the average daily trading volume of its common shares on the TSX for the six calendar months prior to the date of approval of the NCIB, subject to certain prescribed exceptions. The price, which Magellan will pay for any such shares, will be the market price at the time of acquisition. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by Magellan.\n \n\n The Board of Directors of the Corporation believe that the NCIB is an effective use of Magellan's financial resources when the market price of its Shares may not adequately reflect their underlying value. The NCIB will be funded using Magellan's existing cash resources, and any common shares repurchased by the Corporation under the NCIB will be cancelled.\n \n\n Magellan also announced today that, in connection with its NCIB, Magellan has renewed its automatic share purchase plan (the “ASPP”) with a designated broker to allow for the purchase of its common shares under the NCIB, once effective, at times when Magellan normally would not be active in the market due to applicable regulatory restrictions or internal trading black-out periods.\n \n\n As of May 30, 2025, Magellan acquired 2,300 common shares at a volume weighted average price of $8.20 under its previous NCIB, which authorized the purchase for cancellation of up to 2,857,469 common shares.\n \n\n\n About Magellan Aerospace Corporation\n \n\n\n Magellan Aerospace Corporation is a global aerospace company that provides comp...