Company renews NCIB - strong sign of confidence... MONTREAL, QUEBEC and SARASOTA, FLORIDA--(Marketwired - July 8, 2015) - Intertape Polymer Group Inc. (TSX:ITP) (the "Company") is pleased to announce that the Toronto Stock Exchange ("TSX") has approved the renewal of the Company's normal course issuer bid ("NCIB"). Under the renewed NCIB, the Company will be entitled to repurchase for cancellation up to 2,000,000 common shares, representing 3.35% of the Company's issued and outstanding shares, over a twelve-month period starting on July 10, 2015 and ending on July 9, 2016. The purchases by the Company will be effected through the facilities of the TSX and on other alternative trading systems in Canada, and will be made at the market price of the shares at the time of the purchase. There are 59,627,635 common shares of the Company currently issued and outstanding.
During the most recently completed six months, the average daily trading volume for the common shares of the Company on the TSX was 169,293 shares, excluding shares repurchased by the Company under its current normal course issuer bid. Consequently, under the policies of the TSX, the Company will have the right to repurchase during any one trading day a maximum of 42,323 common shares, representing 25% of the average daily trading volume. In addition, the Company may make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of common shares not directly or indirectly owned by insiders of the Company, in accordance with the policies of the TSX.
The Company intends to acquire the common shares because it believes that the repurchase of common shares at certain market prices is beneficial to the Company and its shareholders. The Company intends to make any purchases on an opportunistic basis, taking share price and other considerations into account.
Any purchases made pursuant to the NCIB will be made in accordance with the requirements of the TSX. Except for exempt offers, the Company will make no purchases of common shares other than open market purchases during the period of the normal course issuer bid.
During the twelve months ended June 30, 2015, the Company repurchased a total of 1,564,588 shares pursuant to its current normal course issuer bid at a weighted average price of CDN$16.18 per share.
Read more at https://www.stockhouse.com/news/press-releases/2015/07/08/intertape-polymer-group-announces-renewal-of-normal-course-issuer-bid#OVxD3kB67vbarA1M.99