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ARTICLE · 18 FEBRUARY 2008

The Toronto Stock Exchange’s New Normal Course Issuer Bid Rules

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New Toronto Stock Exchange (TSX) rules governing normal course issuer bids came into effect on June 1, 2007. The new TSX rules apply only to a normal course issuer bid that commenced after June 1, 2007.

CanadaStrategy
Thomas Yeo
Thomas Yeo
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New Toronto Stock Exchange (TSX) rules governing normal course issuer bids came into effect on June 1, 2007. The new TSX rules apply only to a normal course issuer bid that commenced after June 1, 2007. Normal course issuer bids that commenced before June 1, 2007 continue to be subject to the old TSX rules unless the issuer files a new Notice of Intention and issues a press release amending its bid so that it can be governed by the new rules.

Volume Limitations

For issuers other than investment funds, the new TSX rules replace the previous monthly limit for purchases of 2% of the issued and outstanding securities of the class with a new daily limit equal to the greater of (i) 25% of the average daily trading volume of the listed securities of the class subject to the bid and (ii) 1,000 securities. Cross-listed issuers will find that the new daily limit is similar to the U.S. safe harbour rules for

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