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Mullen Group Ltd. Announces Normal Course Issuer Bid
Mullen Group Ltd. Announces Normal Course Issuer Bid Canada NewsWire OKOTOKS, AB...
About this update from Mullen Group Ltd.
[{"type":"text","content":"\n\n\n\nMullen Group Ltd. Announces 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\nOKOTOKS, AB, March 4, 2020\n\n\n\nOKOTOKS, AB, March 4, 2020 /CNW/ - (TSX: MTL)  Mullen Group Ltd. (\"Mullen Group\" and/or the \"Corporation\") announced today that the Toronto Stock Exchange (the \"Exchange\") has accepted a notice filed by the Corporation of its intention to make a Normal Course Issuer Bid (the \"Bid\") to be transacted through the facilities of the Exchange or through alternative Canadian trading systems, if eligible.\nThe notice provides that the Corporation may, during the 12-month period commencing March 9, 2020 and ending March 8, 2021, purchase for cancellation up to 7,972,926 Common Shares (\"Shares\") in total, being approximately 10.0% of the Corporation's Public Float (as that term is defined in the policies of the Exchange) as at February 28, 2020, which Public Float is 79,729,267 Shares.  The price which the Corporation will pay for any such Shares will be the prevailing market price at the time of acquisition.  The actual number of Shares which may be purchased pursuant to the Bid will be determined by management of the Corporation.  Currently, the Corporation has 104,824,973 Shares issued and outstanding.\nThe average daily trading volume of the Shares on the Exchange (\"ADTV\") for the most recently completed six calendar months is 266,914.  Pursuant to Exchange policies, the maximum number of Shares that may be purchased in one day pursuant to the Bid will be the greater of 1,000 and 25.0% of ADTV which amounts to 66,728 Shares, subject to certain prescribed exceptions.\nThe Corporation entered into an automatic securities purchase plan (the \"ASPP\") with its broker, Scotiabank, to allow for the repurchase of Shares at all times during the course of the Bid including when the Corporation ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise.  The ASPP was entered into and adopted in accorda...