The Toronto Stock Exchange accepted Pason Systems Inc.'s notice to start a normal course issuer bid, according to a Dec. 11 news release.
The 2020 normal course issuer bid, or NCIB, will start Dec. 18 and will end Dec. 17, 2020, or earlier provided the NCIB is completed or terminated at Pason's option. It also renews an existing NCIB that began Dec. 18, 2018, and will end Dec. 17.
Under the 2020 NCIB, Pason may purchase up to a maximum of 6,777,269 of its common shares for cancellation, which represents 10% of its public float. Purchases will be made on the open markets through the TSX and through Canadian alternative trading systems. Pason will determine the timing and the actual number of shares to be purchased, subject to a maximum daily limit of 44,210 shares, which represents 25% of the company's average trading volume for the six months ended Nov. 30.
As of Dec. 11, the company had 84,442,772 shares issued and outstanding.
Calgary, Alberta-based Pason Systems provides data management systems for drilling rigs.