Big Rock Brewery has been given the go-ahead to start its buy-back scheme.

The Canadian company said yesterday (15 November) that its income trust, which owns all of Big Rock's securities, has received approval from The Toronto Stock Exchange to buy back 5% of its issued and outstanding trust units over the next 12 months.

The trust will bid for up to 302,048 units, but is limited to no more than 120,818 units in any 30-day period. All units purchased will be returned to treasury for cancellation. Just over 6m units are currently in existence.

Big Rock's trust will be permitted to start the bid from tomorrow, and has until 16 November next year to complete the scheme.

RBC Dominion Securities has been appointed as broker, the trust said.