RE:Doesn't add updllscwbysfn wrote: My math sucks. I was looking at the YE results and came across this." In 2023, we returned $260 million to shareholders through our share buyback program and dividend. Our normal course issuer bid allows for the purchase of up to 68.4 million common shares during the 12-month period ending June 28, 2024. Through December 31, 2023, we repurchased 40.5 million common shares for $222 million, representing 4.7% of our shares outstanding, at an average price of $5.48 per share. In addition, we declared two quarterly dividends of .0225 per share, totaling $38 million."
I thought the NCIB was 10% of shares outstanding. 68.4 million shares is not 10%. So according to the above they are only allowed to repurchase anther 28 million shares or about 130m. Will they even get this done?
so there is this note in the June press release
("Baytex" or the "company") is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted the company's notice of intention to renew its normal course issuer bid ("NCIB") to purchase up to 68,417,028 common shares The number of shares authorized for purchase represents 10% of Baytex's public float, as defined by the TSX, as of June21, 2023. On June 21, 2023 Baytex had 856,922,879 common shares outstanding.
I'd never thought of this before but my interpretation of that is that 856-684=172M shares are not part of the public float.