Business
Maple Leaf Foods Receives TSX Approval to Proceed with Normal Course Issuer Bid
Maple Leaf Foods Receives TSX Approval to Proceed with Normal Course Issuer Bid ...
About this update from Maple Leaf Foods Inc.
[{"type":"text","content":"\n \n \n \n Maple Leaf Foods Receives TSX Approval to Proceed with 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 TSX: MFI\n \n \n \n www.mapleleaffoods.com\n \n \n \n \n \n MISSISSAUGA, ON\n \n ,\n \n May 20, 2021\n \n /CNW/ - Maple Leaf Foods Inc. (the \"Company\") (TSX: MFI) today announced that the Toronto Stock Exchange (the \"TSX\") has accepted the notice filed by the Company to establish a normal course issuer bid (\"NCIB\") program.\n \n \n \n \n \n \n \n \n \n The NCIB program commences on\n \n May 25, 2021\n \n and will terminate on\n \n May 24, 2022\n \n , or on such earlier date as the Company may complete its purchases pursuant to a Notice of Intention filed with the TSX.  Under the NCIB program, the Company is authorized to purchase up to 7,475,000 of its common shares (out of the 124,012,576\n \n \n common shares outstanding as at\n \n May 12, 2021\n \n ) representing approximately 10% of the public float as at\n \n May 12, 2021\n \n , by way of normal course purchases effected through the facilities of the TSX and/or alternative Canadian trading systems. The average daily trading volume for the six months ended\n \n April 30, 2021\n \n was 333,244 common shares. Common shares purchased by the Company will be cancelled.  Pursuant to the terms of a previous normal course issuer bid approved by the TSX on\n \n May 20, 2020\n \n , the Company was authorized to repurchase up to 7,460,000 shares, however, the Company did not repurchase any common shares during such normal course issuer bid.\n \n \n In deciding to establish the NCIB, the Company believes that the market price of the common shares may not, from time to time, fully reflect their value and accordingly the purchase of the common shares would be in the best interest of the Company and an attractive and appropriate use of available funds.\n \n \n Purchases will be made by the Company in accordance with the requirements of the TSX and the price which the Company will pay for any such common shares will be the marke...