The Toronto Stock Exchange has approved Element Fleet Management Corp.'s plan to commence a normal course issuer bid.

The company may repurchase up to 38,582,483 of its common shares on the open market during a period starting on June 12 and ending on the earlier of June 11, 2018, and the completion of purchases under the bid. The shares represent about 10% of the public float of the common shares.

As of June 7, the company had 389,022,985 issued and outstanding common shares and a public float of 385,824,839 shares.