Alcanna Inc (TSX: CLIQ) this morning announced that it intends to conduct a share buyback program. The program, if approved, is set to begin July 5 and occur over a 12 month period.
Under the proposed normal course issuer bid, Alcanna is looking to repurchase up to 10% of its outstanding public float. With a total of 36.2 million shares outstanding as of today, the company is looking to repurchase up to 2.8 million shares under the proposed program.
All shares purchased under the program are to be cancelled, with purchases to be made based on market conditions, share price, and “other factors.” The company has indicated that it is pursing the program as a result of management believing that the market price of the equity may not reflect the underlying value of the firm from time to time.
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Alcanna Inc last traded at $6.64 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
