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     113  0 Kommentare Gildan Activewear Announces Increase of Normal Course Issuer Bid

    MONTREAL, May 29, 2024 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL: TSX and NYSE) is committed to returning capital to shareholders via share buybacks and dividends as a key element of its capital allocation program. As previously indicated, the Company planned on resuming share repurchases following the Annual General Meeting of shareholders which occurred on May 28, 2024. Consequently, Gildan’s newly reconstituted Board of Directors has now approved the resumption of share repurchases and an amended normal course issuer bid (NCIB).

    “Given our continued execution of the Gildan Sustainable Growth strategy, our expected strong free cash flow and the strength of our balance sheet, we are eager to resume our share repurchases as we move through 2024,” said Glenn J. Chamandy, President and CEO.

    As such, Gildan today announced that it has received approval from the Toronto Stock Exchange (TSX) to amend its current NCIB, which commenced on August 9, 2023, in order to increase the maximum number of common shares that may be repurchased from 8,778,638, or 5% of its issued and outstanding common shares as at July 31, 2023 (the reference date for the NCIB), to 17,124,249 common shares, representing 10% of the public float as at July 31, 2023. No other terms of the NCIB have been amended.

    The NCIB, which began August 9, 2023, and will end no later than August 8, 2024, is conducted by means of open market transactions on both the TSX and the New York Stock Exchange (NYSE), or alternative Canadian trading systems, if eligible, or by such other means as may be permitted by securities regulatory authorities, including pre-arranged crosses, exempt offers, private agreements under an issuer bid exemption order issued by securities regulatory authorities and block purchases of common shares. Under the NCIB, Gildan may purchase up to a maximum of 92,611 common shares daily through the facilities of the TSX, which represents 25% of the average daily trading volume on the TSX for the six months ended July 31, 2023, in addition to purchases made on other exchanges including the NYSE.

    The price to be paid by Gildan for any common shares will be the market price at the time of the acquisition, plus brokerage fees, and purchases made under an issuer bid exemption order will be at a discount to the prevailing market price in accordance with the terms of the order. The actual number of common shares purchased under the NCIB and the timing of such purchases will be at Gildan's discretion and shall be subject to the limitations set out in the TSX Company Manual.

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    Gildan Activewear Announces Increase of Normal Course Issuer Bid MONTREAL, May 29, 2024 (GLOBE NEWSWIRE) - Gildan Activewear Inc. (GIL: TSX and NYSE) is committed to returning capital to shareholders via share buybacks and dividends as a key element of its capital allocation program. As previously indicated, …

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