RE:Morguard Announces Renewal of Normal Course Issuer Bid* They keep the NCIB outstanding and available at all times
* I think they did buy some shares of MRC back in 2023, reducing o/s share count 1.5%, going off of memory, however. Also looking back at their very long history, they have been buyers of their shares in the past when they have been cheap.
* REFI conditions have been difficult prior to the recent easing of interest rates and loan conditions, MRC has a large amount of debt that has been coming due. Not that long ago they had to pay an exorbitant interest rate for a debentures financing, indicating that they were very tight for cash at that time and so obviously in no position to buy back shares.
* currently buybacks are occuring over at MRG.UN, increasing MRC's proportional ownership
* George Armoyan recently joined the board. He has historically been a huge proponent of buybacks in companies in which he is involved when the SP is below book value and the company is finanically comfortable enough to buy back shares.
The last point is likely the most significant
I'm very long here; my largest portfolio position at this time.
GLTA