The Toronto Stock Exchange has approved Integrated Asset Management Corp.'s notice of intention to renew its normal course issuer bid to buy common shares for cancellation.
Under the bid, the company is allowed to buy up to 1,385,656 common shares, representing 5.0% of the issued and outstanding common shares, at prevailing market prices during the 12-month period starting May 24.
Except where reliance is placed on the Toronto Stock Exchange's block purchase exemption, Integrated Asset Management may buy up to 1,599 common shares on the exchange on any trading day, representing 25% of the average daily trading volume of 6,398 shares for the most recently completed six months before the notice date. All securities it purchases under the bid will be canceled.
Under a previous normal course issuer bid, the company has purchased, as of May 10, 538,500 common shares on the open market at an average purchase price of $1.40 per share, which represented 1.9% of the outstanding common shares at the start of the bid.