Jamieson Wellness Inc., a member of the United Nations Global Compact, is set to initiate a share repurchase program on November 7, 2023, as part of its efforts to return capital to shareholders. The company's automatic share purchase plan (ASPP), approved by TSX, will allow for repurchases even during black-out periods.
The company has also confirmed that it will repurchase common shares under a Normal Course Issuer Bid (NCIB), with the exception of purchases made under the block purchase provision. The NCIB is overseen by a securities regulatory authority and permits the daily acquisition of up to 25% of the average daily trading volume (ADTV) or 25,729 shares through TSX and alternative Canadian trading systems.
Starting from November 7, the NCIB allows for the repurchase and cancellation of up to 4,165,201 common shares, which represents about 10% of Jamieson Wellness's public float. All shares acquired will be bought at their market price at the time of acquisition or at a rate permitted by a securities regulatory authority, and will subsequently be cancelled.
An ASPP with a designated broker will facilitate these share purchases during specific black-out periods under applicable Canadian securities laws. As of October 30, 2023, Jamieson Wellness had issued and outstanding 42,087,169 common shares.
CEO Mike Pilato views this move as reflective of the company's robust financial performance and promising growth prospects. However, he also noted that the company's forward-looking information about future plans contains risk factors discussed in their Annual Information Form and MD&A.
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