Capital Power Corp. said the Toronto Stock Exchange has approved its normal course issuer bid to purchase and cancel up to 9,309,476 of its outstanding common shares for a one-year period from Feb. 21 to Feb. 20, 2019.
The company purchased no common shares under its prior normal course issuer bid approved on April 25, 2016 for the period from April 28, 2016 to April 27, 2017.
As of Feb. 15, Capital Power had 104,317,375 common shares issued and outstanding, or 93,094,761 common shares issued and outstanding after excluding common shares beneficially owned by the company's directors and executive officers.
The 9,309,476 common shares under the normal course issuer bid represent about 10% of the company's issued and outstanding common shares, and will be bought only when and if Capital Power considers it advisable, according to a Feb. 16 release.
Subject to certain exceptions for block repurchases, the maximum number of common shares that may be repurchased under the TSX rules on the same trading day is 63,402 common shares.