Dollarama Sees Renewal Of Share Buyback Program
Dollarama Inc (TSX: DOL) this morning announced that it has renewed its normal course issuer bid with the Toronto Stock Exchange. The share buyback program will see the company purchase up to 7.5% of its outstanding shares over the course of the next twelve months for cancellation.
In total, the company will be eligible to purchase up to 19.4 million of its common shares, which are to be subsequently cancelled. Up to 190,360 common shares may be purchased daily under the program, as per TSX rules.
The program is expected to run from July 7, 2021, through to July 6, 2022.
Under the program that is to expire tomorrow, the company was eligible to purchase up to 15.5 million common shares. In total, the firm repurchased roughly 7.7 million common shares under the program, reducing outstanding shares by 2.46% over the course of the last year. Shares were repurchased at an average price of $56.45 per each.
Dollarama last traded at $56.92 on the TSX.
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