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     146  0 Kommentare Shaw Announces TSX Approval for a Normal Course Issuer Bid

    CALGARY, Alberta, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Shaw Communications Inc. (“Shaw”) announced today that it has received approval from the Toronto Stock Exchange (“TSX”) to establish a normal course issuer bid (“NCIB”) program to purchase its Class B Non-Voting Participating Shares (the “Class B Shares”) through the facilities of the TSX and eligible alternative Canadian trading systems for a one year period. Shaw’s NCIB will expire on November 4, 2021, in accordance with the rules of the TSX.

    As approved by the TSX, during the period from November 5, 2020 to November 4, 2021, Shaw is authorized to purchase for cancellation up to 24,532,404 Class B Shares, representing approximately 5% of all of the issued and outstanding Class B Shares. A total of 490,648,083 Class B Shares of Shaw were issued and outstanding as at October 22, 2020.

    Shaw believes that under the right circumstances, the purchase of Class B Shares constitutes a desirable use of its free cash flow in the best interest of Shaw and its shareholders and may enhance the value of its Class B Shares.

    For purposes of the TSX NCIB rules, Shaw’s average daily trading volume (“ADTV”) for the past six months is 1,250,210 Class B Shares. As a result, a maximum of 312,552 Class B Shares (being 25% of the ADTV) may be purchased by Shaw on any one day under the bid, except where purchases are made in accordance with the “block purchase exception” of the TSX rules.

    This bid does not apply to the Class A Participating Shares of Shaw.

    In connection with the NCIB, Shaw has entered into an automatic share purchase plan (“ASPP”) with a designated broker to facilitate the purchase of Class B Shares under the NCIB, including at times when Shaw would ordinarily not be permitted to purchase its Class B Shares due to regulatory restrictions or self-imposed blackout periods. During restricted or blackout periods, purchases under the ASPP will be determined by the designated broker in its sole discretion based on the purchasing parameters set by Shaw in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will become effective on November 5, 2020, concurrently with the commencement of the NCIB. Class B Shares may also be purchased under the NCIB based on management’s discretion, in compliance with TSX rules and applicable securities laws. All purchases made under the ASPP will be included in computing the number of Class B Shares purchased under the NCIB.

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    Shaw Announces TSX Approval for a Normal Course Issuer Bid CALGARY, Alberta, Nov. 02, 2020 (GLOBE NEWSWIRE) - Shaw Communications Inc. (“Shaw”) announced today that it has received approval from the Toronto Stock Exchange (“TSX”) to establish a normal course issuer bid (“NCIB”) program to purchase its …