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ARTICLE · 05 NOVEMBER 2008

Normal Course Issuer Bids - Is It Time To Buy Back Shares?

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During the current turbulent financial markets in which publicly-traded securities may not reflect their underlying value, companies may want to consider whether they should initiate a share buy-back program.

CanadaFinance and Banking
Jennifer Traub
Jennifer Traub
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During the current turbulent financial markets in which publicly-traded securities may not reflect their underlying value, companies may want to consider whether they should initiate a share buy-back program. Issuers listed on the Toronto Stock Exchange or the TSX Venture Exchange are generally permitted, on an exempt basis and in any 12-month period, to purchase up to the greater of:

  1. 5% of outstanding securities, or
  2. 10% of public float (excludes escrowed or otherwise non-transferable securities and securities held by senior officers, directors and 10% security holders).

Normal course issuer bids are commenced by filing a notice of intention with the applicable exchange and issuing a press release. Issuers must appoint only one broker to make purchases under the bid.

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