Stantec Inc. announced that it has received approval from the Toronto Stock Exchange for the renewal of its Normal Course Issuer Bid (NCIB). Under this renewed bid, Stantec may purchase up to 2,281,339 common shares, representing approximately 2% of its 114,066,995 issued and outstanding common shares as of December 2, 2024. Purchases are set to commence on December 13, 2024, and will conclude no later than December 12, 2025.
The daily purchase limit, excluding block purchases, will not exceed 64,993 common shares, which is approximately 25% of the average daily trading volume for the six months ending November 30, 2024. All common shares acquired by Stantec through the NCIB will be cancelled. This renewal follows the conclusion of the company's previous NCIB, which expires on December 12, 2024.
In conjunction with the NCIB, Stantec also renewed its automatic share purchase plan (ASPP) with a designated broker. This plan allows for share purchases during regulatory restrictions or internal trading black-out periods, based on parameters established by Stantec. The company believes that its common shares may, at times, represent an attractive investment and an appropriate use of available funds.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.