February 22, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) Renewable Energy Stock News Bites – Innergex Renewable Energy Inc. (TSX: INE) makes the top TSX gainers list trading at $8.06, up $0.90 (+12.57%).
The company announced that it has received approval from the Toronto Stock Exchange (“TSX”) to proceed with its normal course issuer bid on its common shares (5%).
The Bid will commence on February 26, 2024 and will terminate on February 25, 2025.
During the last six months, the average daily trading volume on the TSX of the Corporation’s Common shares was 606,990. Consequently, in accordance with the policies of the TSX, the Corporation will have the right to repurchase, during anyone trading day, a maximum of 151,747 Common shares, representing 25% of the average daily trading volume. In addition, the Corporation will be allowed to make, once per calendar week, a block purchase (as defined in the TSX Company Manual) of Common shares not directly or indirectly owned by insiders of the Corporation, in accordance with the policies of the TSX.
Purchases will be made on behalf of the Corporation by a registered broker through the facilities of the TSX or through Canadian alternative trading systems at prevailing market prices.
The Corporation believes that the market price of its Common shares may, from time to time, not reflect the inherent value of the Corporation and that purchases of its Common shares pursuant to the Bid, may represent an appropriate and desirable use of the Corporation’s funds. Therefore, the Corporation believes that it is in its best interest to proceed with this Bid. The Corporation has not purchased any Common shares within the past 12 months.
Read the company’s full news and disclaimer here:
https://files.innergex.com/files/documents/INE_NORMAL_COURSE_ISSUER_BID_2024_EN.pdf
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