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Cogeco (TSX:CGO) has announced that the Toronto Stock Exchange has accepted its notice of intention for a normal course issuer bid regarding its Subordinate Voting Shares. As quoted in the press release: Purchases pursuant to the notice will not commence prior to August 2, 2017, the date following the date upon which the Corporation’s current …

Cogeco (TSX:CGO) has announced that the Toronto Stock Exchange has accepted its notice of intention for a normal course issuer bid regarding its Subordinate Voting Shares.
As quoted in the press release:

Purchases pursuant to the notice will not commence prior to August 2, 2017, the date following the date upon which the Corporation’s current normal course issuer bid is set to expire, and will not continue beyond August 1, 2018.
The notice will enable Cogeco to acquire up to 550,000 Subordinate Shares for cancellation representing approximately 3.7% of the 14,807,607 shares of such class which were issued and outstanding as at July 21, 2017.
All purchases will be conducted through the facilities of the TSX or Canadian alternative trading systems, if eligible, and will conform to their regulations. Purchases under the normal course issuer bid will be made by means of open market transactions or such other means as the TSX may permit, including pre-arranged crosses and block purchases.
Under TSX rules, the Corporation will be allowed to purchase daily, through the facilities of the TSX, a maximum of 2,144 Subordinate Shares representing 25% of the average daily trading volume, as calculated per the TSX rules. In addition, the Corporation may make, once per week, a block purchase (as such term is defined in the TSX Company Manual) of Subordinate Shares not directly or indirectly owned by insiders of the Corporation, in accordance with TSX rules. The Subordinate Shares purchased pursuant to the normal course issuer bid will be cancelled.
The price to be paid by the Corporation for any Subordinate Share will be the market price at the time of acquisitionplus brokerage fees where applicable.
The Corporation has entered into an automatic share purchase plan with a designated broker on the date hereof to allow for the purchase of Subordinate Shares under the normal course issuer bid at times when the Corporation would ordinarily not be permitted to purchase Subordinate Shares due to regulatory restrictions or self-imposed blackout periods.

Click here to read the full press release.

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