Innergex Renewable Energy (TSX:INE) has announced that it has received approval from the Toronto Stock Exchange to proceed with a normal course issuer bid on its common shares.
As quoted in the press release:
Under the Bid, the Corporation may purchase for cancellation up to 2,000,000 of its common shares, representing approximately 1.84% of the 108,640,790 issued and outstanding common share of the Corporation as at August 14, 2017.
The Bid will commence on August 17, 2017 and will terminate on August 16, 2018.
During the last six months, the average daily trading volume on the TSX of the Corporation’s Common shares was 120,778. Consequently, in accordance with the policies of the TSX, the Corporation will have the right to repurchase, during any one trading day, a maximum of 30,194 Common shares, representing 25% of the average daily trading volume. In addition, the Corporation will be allowed to make, once per calendar week, a block purchase (as defined in the TSX Company Manual) of Common shares not directly or indirectly owned by insiders of the Corporation, in accordance with the policies of the TSX.
Purchases will be made on behalf of the Corporation by a registered broker through the facilities of the TSX at prevailing market prices.