RE:RE:RE:Take Under?Found the following article from business law firm, Stikeman Elliot pertaining to share buybacks via ATS':
Intersection between TSX and ATS purchases
Notably, the TSX has drawn a clear distinction between securities purchased through the facilities of the TSX and those purchased on other exchanges or alternative trading systems (ATSs).
Issuers and their buying brokers making purchases on ATSs or any other marketplace must satisfy themselves that they are properly relying on, and in compliance with, an exemption from the issuer bid rules under applicable securities laws. In particular, under the Securities Act (Ontario) and under Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids, separate exemptions from the issuer bid rules are found for purchases made through the facilities of a “designated exchange”, which includes the TSX, and for purchases made on a “published market”, which would generally include an ATS, and the requirements of these exemptions differ. The Staff Notice further reminds issuers that they must properly disclose in their notice to the TSX and press release where securities are being purchased, including that purchases may be made on ATSs, if applicable. Where an issuer has publicly disclosed that NCIB purchases will only be made through the facilities of the TSX, the issuer should ensure that its buying broker is aware of the limitation, particularly as many brokers may use smart order routers which direct purchases to multiple marketplaces. Purchases made on other marketplaces and ATSs will not be subject to TSX rules. However, such securities will be included for the purposes of calculating an issuer’s annual NCIB limit under the TSX rules.
https://www.stikeman.com/en-ca/kh/canadian-securities-law/tsx-provides-faq-guidance-on-normal-course-issuer-bids From Staff Notice 2016-001
Alternative Trading Systems (“ATSs”)
1) If an issuer is proposing an NCIB with TSX, can it buy securities on a Canadian ATS?
In Canada, there are a number of marketplaces or ATSs trading securities listed on TSX. Issuers and their buying brokers making purchases on ATSs must satisfy themselves that they are properly relying on an issuer bid exemption under applicable securities laws and are in compliance with those requirements, some of which differ from TSX requirements.
TSX does not have an objection to an issuer buying its securities on Canadian ATSs provided that it has been disclosed under the heading "Method of Acquisition" in section 3(a) of the Notice as well as in the press release. If the issuer intends to buy its securities on Canadian ATSs, the disclosure in the press release must indicate that purchases may be made on the open market through the facilities of TSX and/or alternative Canadian trading platforms.
Issuers are reminded that many of the brokers use smart order routers which may direct purchases to all marketplaces in Canada. An issuer stating that its NCIB purchases will only be made through the facilities of TSX should ensure that its buying broker is aware of the marketplace limitation and the buying broker may not be able to use its smart order router.
https://decisia.lexum.com/tsx/sn/en/item/454516/index.dobosstrade wrote: Impossible to take under until they can't pay bills next Feb. Its ATH buying shares my guess as of a few weeks back.