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.
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