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Screenshot of a breaking news alert e-mail from Q2 2017
Integrated Asset Management Corp. (TSX:IAM) today announced that the Toronto Stock Exchange (TSX) has approved IAM’s notice of intention to renew its normal course issuer bid for the purchase for cancellation of certain of its common shares.
As at May 10, 2018, there were 27,713,127 issued and outstanding common shares of IAM. Under this renewal of the normal course issuer bid, IAM is permitted to purchase up to 1,385,656 common shares (representing 5.0% of the issued and outstanding common shares) at prevailing market prices during the 12 month period commencing May 24, 2018 and ending May 23, 2019.
Except where reliance is placed on the TSX’s block purchase exemption, IAM may purchase up to 1,599 common shares on the TSX on any trading day, which represent 25% of the average daily trading volume on the TSX of 6,398 shares for the most recently completed six calendar months prior to the date of the notice. Purchases will be executed through the facilities of the TSX and/or other alternative Canadian trading systems at prevailing market prices under the rules and policies of the TSX. All securities purchased by IAM under the normal course issuer bid will be cancelled.
Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which IAM sought and received approval from the TSX to purchase up to 1,397,715 common shares for the period of May 24,
2017 to May 23, 2018, IAM has purchased, as of May 10, 2018, 538,500 common shares on the open market at an average purchase price of $1.40 per share which represented 1.9% of the outstanding common shares at the commencement of the normal course issuer bid. On May 10, 2018, the common shares closed at $1.55.
IAM announced that it considers that these purchases from time to time at prevailing market prices may provide liquidity for shareholders and be a worthwhile investment for both IAM and its shareholders.