National Bank of Canada secured the approval of the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions Canada for the company's intention to purchase for cancellation up to 8 million common shares.
As of May 24, the shares represent approximately 2.36% of the Montreal-based company's 339,376,789 issued and outstanding common shares.
The normal course issuer bid is set to start June 6, and it will end no later than June 5, 2019. Purchases may be made through the TSX or other Canadian trading systems. The shares will be bought at the market price at the time of the purchase.
The company appointed National Bank Financial Inc. as designated broker.
