CANADA: Andrew Peller looks to buy shares for cancellation
Andrew Peller's share buyback kicks off next week
Andrew Peller has lined up a buyback of 5% of its shares available on the Toronto Stock Exchange.
The Canadian wine producer said yesterday (10 March) that it has filed a notice of intention to make a normal course issuer bid. Should the request be approved by the Toronto Stock Exchange, then the company will proceed with the purchase of up to 594,412 of its class A non-voting shares.
The amount represents 5% of Andrew Peller's 11.9m issued and outstanding class A shares as of 9 March.
The buyback should start on Monday (14 March) and will complete either once the target number of shares have been purchased or 13 March next year, whichever happens first. Shares bought will be subsequently cancelled.
“The company intends to make the bid because it believes that class A shares may become available during the period of the bid at prices that would make the purchase of such … shares for cancellation in the best interests of the company and its shareholders,” Andrew Peller said.
To read the official release, click here.
- Why Scotch must drop the 'malts good, blends bad'
- Pernod's mood darkens over India - Analysis
- Does alcohol accelerate the onset of dementia?
- Cognac is back - is Remy Cointreau ready?
- Soft drinks is losing the recycling game
- Diageo to cut 105 jobs in Scotland, 50 in Italy
- Scotch sales set to soar, despite recent struggles
- Pernod Ricard posts solid YTD sales jump - results
- Pernod Ricard YTD fiscal-2017 sales performance
- Cognac needs innovation at bottom end - Pernod
- Global Scotch insights - market forecasts, product innovation and consumer trends
- Global Champagne and sparkling wine insights - market forecasts, product innovation and consumer trends
- Battle of the Generations - The fight for iGen, Millennial, Gen X and Baby Boomer consumers
- Myanmar - ISA Country Report
- Flavoured Powder Drinks in 2017: Confronting an Ageing World