Great Canadian Gaming Corporation intends to renew a normal course issuer bid for up to 3,971,976 of its common shares, representing approximately 10% of the company’s common shares in the public float. Purchases will, it confirmed, be made subject to opportunities within the market.
As at June 26, 2019 , there were 58,978,102 common shares of the company outstanding. Purchases will be by way of open market transactions through the facilities of the Toronto Stock Exchange and other Canadian market places. Payment for the shares will be in accordance with the TSX’s rules.
No purchases will be made other than by means of open market transactions during the term of the Issuer Bid and conducted at the market price at the time of acquisition. All shares purchased by the company will be subsequently cancelled.
In a statement, the firm told investors: “The company received approval from the TSX to commence this Issuer Bid on July 3, 2019 and end on July 2, 2020 or earlier if the number of shares sought has been obtained. The company will not purchase shares during its self-imposed blackout periods and reserves the right to terminate the issuer bid earlier if it feels it is appropriate to do so.”
It added: “For our existing Issuer Bid which commenced on July 3, 2018 and expires July 2, 2019, the company received approval from the TSX to purchase up to 4,108,074 of its common shares. As of June 26, 2019, the company purchased for cancellation 4,055,362 common shares through the facilities of the TSX and other Canadian market places at a volume weighted average price of $47.74 per share.
“Prior to our last earnings release on May 6, 2019 , we purchased 3,582,462 common shares at an average price of $48.48 and subsequently purchased 472,900 common shares at an average price of $42.12, leaving 52,712 common shares available for purchase under this Issuer Bid.”