Canadian real estate developer Genesis Land Development Corp. received approval from the Toronto Stock Exchange for the renewal of its normal course issuer bid, under which it may buy up to 2,147,636 of its common shares for cancellation from Oct. 10 to Oct. 9, 2019, or when the maximum number of shares are purchased, if earlier.
The maximum number of shares allowed for purchase under the bid represents 5% of Genesis Land's 42,952,721 issued and outstanding common shares as at Sept. 30. The shares may be purchased through the facilities of the Toronto bourse or alternative Canadian trading systems at the then-prevailing market price.
On a daily basis, the developer may buy up to 1,000 shares, with the option of one block purchase per week that exceeds the daily limit according to exchange rules.
Genesis will renew its automatic purchase program under which a designated broker would buy shares pursuant to the bid, subject to the Toronto Stock Exchange's approval.
Under its previous bid, which allowed for the repurchase of up to 2,163,022 common shares and expired Sept. 11, the company acquired 300,000 shares on the open market for C$3.6500 per share on average.