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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 Ca...
About this update from Maple Leaf Foods Inc.
[{"type":"text","content":"\n\n\n\nMaple Leaf Foods Receives TSX Approval To Proceed With 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\nMISSISSAUGA, ON, May 21, 2020\n\n\n\nMISSISSAUGA, ON, May 21, 2020 /CNW/ - Maple Leaf Foods Inc. (the \"Company\") 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 \nThe NCIB program commences on May 25, 2020 and will terminate on May 24, 2021, 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 7,460,000 of its common shares (out of the 123,890,126 common shares outstanding as at May 12, 2020) representing approximately 10% of the public float as at May 12, 2020, 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 April 30, 2020 was 419,964 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 May 22, 2019, the Company was authorized to repurchase 7,507,000 shares. The Company repurchased an aggregate of 840,000 common shares on the TSX and on alternative Canadian trading systems at a weighted average price of $24.21 per share for cancellation during the period commencing on May 24, 2019 and ending on May 23, 2020.    \nIn 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. \nPurchases 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 t...