- Shawcor (SCL) announced its intention to commence a normal course issuer bid, pending TSX approval
- Shawcor intends to purchase for cancellation up to 10 per cent of its public float
- Daily purchases will be limited to 66,231 common shares
- Any common shares repurchased under the bid will be cancelled
- Shawcor is a global material sciences company serving the infrastructure, energy, and transportation markets
- Shawcor Ltd. opened trading at $8.36 per share.
Shawcor (SCL) announced its intention to commence a normal course issuer bid, pending TSX approval.
Shawcor intends to purchase for cancellation up to 10 per cent of its public float, up to a maximum of $25M.
If the notice is accepted by the TSX, Shawcor intends to commence the bid on or about September 28, 2022, ending one year later.
The bid will be funded using existing cash resources, and any common shares repurchased under the bid will be cancelled.
Daily purchases will be limited to 66,231 common shares, representing approximately 25 per cent of the average daily trading volume of 264,924 common shares for the most recently completed six calendar months preceding August 31, 2022.
The company believes that the bid is in the best interest of the company and will increase shareholder value and returns of the company.
Shawcor is a global material sciences company serving the infrastructure, energy, and transportation markets. The company operates through a network of fixed and mobile manufacturing and service facilities.
Shawcor Ltd. opened trading at $8.36 per share.