Post by
junglejames on Aug 28, 2024 11:20am
NCIB
"On November 13, 2023, we were granted approval by the TSX to acquire, from time to time, if considered advisable, up to 3,280,195 Units of the Trust for cancellation between November 20, 2023 and November 19, 2024 (“November 2023 NCIB”). In connection with the November 2023 NCIB, we established an automated unit repurchase plan (“AUPP”) whereby Units of the Trust may be repurchased at the discretion of a dealer to the AUPP using commercially reasonable efforts and subject to trading parameters defined in the AUPP. As at June 30, 2024 we are eligible to make additional repurchases under the plan of up to $1.7 million (C$2.4 million)."
Was the selected dealer ever identified by the company?
CIBC seems to be actively buying 100 share lots at a variety of prices. Looking at SEDI the NCIB is updated only on the first business day of the following month so Monday should show the activity for all of August.
Comment by
SONOFFERGUS on Aug 28, 2024 6:19pm
I have looked previously and they did not ID dealer. I believe that the NCIB can't run at open or after 3:30. CIBC was buying 100s through the trading session, so maybe they aren't the dealer. Hmmm.
Comment by
junglejames on Aug 29, 2024 1:31pm
You are correct on the trading time limitations. The NCIB appears to have been holding up the share price, but the funds allowable left to spend before November are extremely limited, and may be exhausted by this months activity. This doesn't look good for the share price in the interim, untill the renewed NCIB kicks-in November.