© Reuters.
Canadian real estate company, Morguard Corporation (TSX: MRC), and golf club operator, TWC Enterprises Limited (TSX: TWC), have both announced their intentions to initiate normal course issuer bids, as per notices accepted by the Toronto Stock Exchange (TSX).
Morguard Corporation, on Friday, stated its intention to purchase up to 540,661 common shares, approximately 5% of the issued and outstanding common shares, during the twelve-month period commencing September 22, 2023 and ending September 21, 2024. The daily repurchase restriction for the common shares is set at 1,000. The company will pay the market price at the time of acquisition for any such common shares. The actual number of common shares to be purchased and the timing of these purchases will be determined by Morguard’s management, subject to compliance with TSX guidelines.
Under its previous normal course issuer bid, Morguard was approved to purchase up to 554,788 common shares. It ended up purchasing 282,793 common shares for cancellation during the last twelve months at an average cost per share of $103.18. As of Wednesday, there were 10,813,224 common shares outstanding.
TWC Enterprises Limited also announced on Friday its intention to make a normal course issuer bid. The company intends to purchase up to 1,228,055 common shares, approximately 5% of the issued and outstanding common shares during a twelve-month period from September 20, 2023 to September 19, 2024. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by TWC’s management.
Under its current normal course issuer bid due to expire on September 19, 2023, TWC sought to purchase up to 1,224,786 common shares. The company ended up purchasing 62,300 common shares for cancellation at an average cost per share of $17.84. As of Tuesday, there were 24,561,118 common shares outstanding.
Both companies believe that their common shares have been trading at price ranges which do not adequately reflect their value in relation to their respective businesses and future prospects. As a result, they see the outstanding common shares as potentially attractive investments. They expect these purchases to benefit all persons who continue to hold common shares by increasing their proportionate interest in the respective companies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here