Share Buyback
As at January 26, 2020, the Corporation had been authorized to repurchase, for cancellation on the open market, or subject to the approval of any securities authority by private agreements, between October 1, 2019 and September 30, 2020, or at an earlier date if the Corporation concludes or cancels the offer, up to 1,000,000 of its Class A Subordinate Voting Shares and up to 190,560 of its Class B Shares. The repurchases are made in the normal course of business at market prices through the Toronto Stock Exchange.
On February 27, 2020, the Corporation was authorized to modify its share repurchase program in order to increase the maximum number of Class A Subordinate Voting Shares it is allowed to repurchase from 1,000,000 Class A Subordinate Shares to 2,000,000 Class A Subordinate Voting Shares. All other terms and conditions of the repurchase program remain unchanged.
During the six-month period ended April 26, 2020, the Corporation redeemed and cancelled 450,450 of its Class A Subordinate Voting Shares at a weighted average price of $15.70, for a total cash consideration of $7.1 million.
No repurchases have been made by the Corporation during the third quarter ended July 26, 2020.
The Corporation was under no obligation to repurchase its Class A Subordinate Voting Shares and Class B shares as at July 26, 2020.
On September 29, 2020, the Corporation has been authorized to purchase for cancellation on the open market, between October 1st, 2020 and September 30, 2021, up to 1,000,000 of its Class A Subordinate Voting Shares and up to 191,320 of its Class B Shares, representing approximately 1.37% of the 73,049,344 issued and outstanding Class A Subordinate Voting Shares and of the 13,975,826 issued and outstanding Class B Shares as of September 18, 2020.
As at July 26, 2020
