- Celestica (CLS) has received TSX approval to launch a Normal Course Issuer Bid
- The company may repurchase up to 8,776,134 subordinate voting shares between December 13, 2022, and December 12, 2023
- Daily purchases will be limited to 44,549 subordinate voting shares
- Under its prior bid, the company repurchased 2,681,986 subordinate voting shares at an average price of US$10.32 per share
- Celestica is a leader in design, manufacturing, hardware platform and supply chain solutions
- Celestica Inc. (CLS) opened trading at C$15.03
Celestica (CLS) has received TSX approval to launch a Normal Course Issuer Bid.
Under the bid, the company may repurchase up to 8,776,134 subordinate voting shares between December 13, 2022, and December 12, 2023.
Daily purchases will be limited to 44,549 subordinate voting shares other than purchases made pursuant to the block purchase exception.
Purchases are expected to be made through the facilities of TSX, the New York Stock Exchange, other designated exchanges and/or alternative Canadian trading systems at prevailing market prices, including through one or more automatic share purchase plans.
The bid will be funded using existing cash resources and draws on its credit facility, and any subordinate voting shares repurchased will be cancelled.
As of November 30, 2022, the company had 103,507,268 issued and outstanding subordinate voting shares and a “public float” (within the meaning of the rules of the TSX) of 87,761,340 subordinate voting shares.
The company believes that the purchases constitute a desirable use of its funds.
Celestica previously implemented a normal course issuer bid for its subordinate voting shares, which expired on December 5, 2022. Under its prior bid, the company repurchased and cancelled 2,681,986 subordinate voting shares at a weighted average price of US$10.32 per share.
Celestica is a leader in design, manufacturing, hardware platform and supply chain solutions. The firm operates in two segments: Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS).
Celestica Inc. (CLS) opened trading at C$15.03.