I wonder why they are not already buying back shares at these levels. Back in may the company was buying back at around 21.60$. A possible reason would be that there is still some material informations not released yet.
Anyway, the renewal of the NCIB provide a good floor on the share price. And if they start buying 1.2M share, it will put a lot of upside pressure.
KING CITY, Ontario, Sept. 16, 2021 (GLOBE NEWSWIRE) -- TWC Enterprises Limited (“TWC”) (TSX: TWC) today announced that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by TWC of its intention to make a normal course issuer bid through the facilities of the TSX or alternative Canadian trading systems.
The notice provides that TWC may, during the twelve-month period commencing September 20, 2021 and ending September 19, 2022 purchase up to 1,227,396 common shares (“Common Shares”) in total, being approximately 5% of the issued and outstanding Common Shares. The price that TWC will pay for any such Common Shares will be the market price at the time of acquisition. Management of TWC will determine the actual number of Common Shares that may be purchased and the timing of any such purchases.
Under the current normal course issuer bid due to expire September 19, 2021, TWC sought to purchase up to 1,271,392 common shares through the facilities of the TSX or alternative Canadian trading systems. TWC purchased 879,918 Common Shares for cancellation under this bid at an average cost per share of $15.51. As of September 14, 2021, there were 24,547,924 Common Shares outstanding. TWC average daily trading volume for the prior six months is 3,552. Daily purchases will be limited to 1,000 common shares, other than block purchase exceptions.
TWC believes that its Common Shares have been trading in price ranges which do not adequately reflect their value in relation to the business of TWC and its future business prospects. As a result, depending upon future price movements and other factors, TWC believes that its outstanding Common Shares may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold Common Shares by increasing their proportionate interest in TWC. All Common Shares purchased by TWC under the normal course issuer bid will be cancelled.