- Alcanna (CLIQ) has announced its intention to commence a normal course issuer bid
- The NCIB is expected to commence on July 5, 2021
- Under the NCIB, a maximum of 2,761,597 common shares may be repurchased by Alcanna
- The NCIB will benefit shareholders by increasing their equity interest in Alcanna when the repurchased shares are cancelled
- Alcanna is one of the largest private-sector retailers of alcohol in North America and the largest in Canada
- Alcanna Inc. opened trading at C$6.64 per share
Alcanna (CLIQ) has announced plans, pending regulatory approval, to initiate a normal course issuer bid.
The NCIB is expected to commence on July 5, for a 12-month-period.
Alcanna currently has 36,204,449 common shares issued and outstanding. Under the NCIB, a maximum of 2,761,597 common shares (10% of the public float of common shares) may be repurchased by Alcanna in open market transactions on the TSX, and/or alternative Canadian trading platforms in the 12-month period following by the TSX.
The timing of and the actual number of shares purchased will be determined by the company and be subject to market conditions, share price and regulatory requirements.
Alcanna believes that the purchase of the common shares would be in the best interests of the company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold common shares by increasing their equity interest in Alcanna when the repurchased shares are cancelled.
All common shares purchased under the bid will be cancelled.
Alcanna may discontinue purchases under the NCIB at any time.
Alcanna is one of the largest private-sector retailers of alcohol in North America and the largest in Canada – operating in excess of 170 locations in Alberta and British Columbia.
Alcanna Inc. opened trading at C$6.64 per share.
