Post by
torontoexchange on Apr 25, 2024 4:15pm
7,125,730 common shares were repurchased for cancellation
During fiscal 2024, 7,125,730 common shares were repurchased for cancellation at a weighted average price of $92.04 per share, for a total cash consideration of $655.9-million, under the corporation's 2023 to 2024 normal course issuer bid and the normal course issuer bid previously in effect.
The company only had 300 million in cash and 4 billion in debt.
if the company were to stop buying back shares in the open market there is no support or bid would be much lowe. close to a billion dollars was usedto buy stock at the top? other than to inflate share price for exiting shareholders and insiders. That 1 million shares short is hedged so they never have to cover. probably by some hedge fund of the bonds. The gov't was buying those bonds at 3% but if the company had to refinance those 4 billion unsecured bonds now the interest is min. 7%.