Business
Mullen Group Ltd. Announces Renewal of Normal Course Issuer Bid
Mullen Group Ltd. Announces Renewal of Normal Course Issuer Bid Canada NewsWire ...
About this update from Mullen Group Ltd.
[{"type":"text","content":"\n \n \n \n Mullen Group Ltd. Announces Renewal of 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 \n \n OKOTOKS, AB\n \n \n ,\n \n \n March 7, 2024\n \n \n /CNW/ - (TSX: MTL)  Mullen Group Ltd. (\"\n \n Mullen Group\n \n \" and/or the \"\n \n Corporation\n \n \") announced today that it has received approval from the Toronto Stock Exchange (the \"\n \n Exchange\n \n \") for the renewal of its normal course issuer bid (the \"\n \n Bid\n \n \").\n \n \n For its normal course issuer bid that began on\n \n March 10, 2023\n \n and that will expire on\n \n March 9, 2024\n \n , Mullen Group previously received approval from the Exchange to repurchase up to 8,644,508 common shares of the Corporation (\"\n \n Shares\n \n \"). Of this amount, as of\n \n February 29, 2024\n \n the Corporation had repurchased 3,532,168 Shares for a total cost of approximately\n \n $51.9 million\n \n , representing a volume weighted average price of\n \n $14.69\n \n per Share.\n \n \n Pursuant to the renewed Bid, the Corporation may repurchase from time to time up to a maximum of 8,220,349 Shares, which represents, as at\n \n February 26, 2024\n \n , approximately 10% of the Corporation's Public Float (as that term is defined in the policies of the Exchange) between\n \n March 11\n \n , 2024 and\n \n March 10, 2025\n \n . Purchases may be made through the facilities of the Exchange or through alternative Canadian trading systems, if eligible. Any Shares purchased under the Bid will be cancelled. 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.\n \n \n As of\n \n February 26, 2024\n \n , the Corporation has 88,017,434 Shares issued and outstanding. The average daily trading volume of the Shares on the Exchange (\"\n \n ADTV\n \n \") for the most recently completed six calendar months is 203,528. Pursuant to E...