Speciality apparel retailer Reitmans Canada has announced the approval of its normal course issuer bid (NCIB) from the Alberta-based TSX Venture Exchange (TSX-V).
The approval allows the company to repurchase up to 10% of its public float over 12 months.
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The NCIB is set to commence on 5 August 2024 and will end on 4 August 2025.
Reitmans may acquire up to an aggregate of 3.28 million Class A non-voting shares.
The company is limited to purchasing no more than 2% of the public float, equating to 718,326 shares, within any 30-day period.
The buyback process will be conducted on the open market through the TSX-V and alternative trading systems, or by other means as permitted by securities laws.
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By GlobalDataThe market price at the time of purchase will determine the cost of shares bought under the NCIB.
Reitmans’ management and board of directors will decide the actual number of shares to be bought back and the timing of these purchases.
BMO Nesbitt Burns will conduct the NCIB under TSX-V policies.
The company has confirmed that the payment for the share repurchases will come from its available funds.
No directors, senior officers, insiders or their associates intend to sell shares during the NCIB.
The company has not purchased any shares between July 2023 and July 2024.
Reitmans has strengthened its executive team by appointing Isabelle Leclerc as chief people officer (CPO), effective from 26 August 2024.
Leclerc will join the executive team and report directly to president and CEO Andrea Limbardi.
Limbardi stated: “We are thrilled to have Isabelle join us as CPO. Her appointment underscores the incredible importance of our people here at RCL and our ongoing commitment to driving a strong culture of performance and employee wellbeing. Isabelle’s leadership will be key in enabling us to reach our strong vision for the future.”
