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 $7.1 million.
No repurchases have been made by the Corporation during the third quarter ended July 26, 2020.
The Corporation was under no obligation to repurchase its Class A Subordinate Voting Shares and Class B shares as at July 26, 2020.
On September 29, 2020, the Corporation has been authorized to purchase for cancellation on the open market, between October 1st, 2020 and September 30, 2021, up to 1,000,000 of its Class A Subordinate Voting Shares and up to 191,320 of its Class B Shares, representing approximately 1.37% of the 73,049,344 issued and outstanding Class A Subordinate Voting Shares and of the 13,975,826 issued and outstanding Class B Shares as of September 18, 2020.
As at July 26, 2020
The information posted was accurate at the time of posting but may be superseded by subsequent disclosure.
The information on this website may contain certain forward-looking statements concerning the future performance of the Corporation. Such statements, based on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, many of which are beyond the Corporation's control. The main risks, uncertainties and factors that could influence actual results are described in the Management's Discussion and Analysis for the year ended October 27, 2019 and in the latest Annual Information Form.
Notes to readers
In this website, unless otherwise indicated, all financial data are prepared in accordance with International Financial Reporting Standards (IFRS) and the term “dollar”, as well as the symbol '$' designate Canadian dollars. On this website, we also use non-IFRS financial measures. Please refer to the section entitled “Reconciliation of Non-IFRS Financial Measures” in the Management Discussion and Analysis (MD&A) and Note 3 “Segmented Information” accompanying the unaudited condensed interim consolidated financial statements for the third quarter ended July 26, 2020 for a complete description of these measures.