This amendment allows the Corporation to repurchase in the normal course of business an additional 1,500,000 of its Common Shares, bringing the total number of its Common Shares that can be repurchased under the program to 8,500,000, representing approximately 3.4% of its issued and outstanding shares on November 11, 2020. Since the beginning of its current normal course issuer bid program, the Corporation repurchased 7,000,000 Common Shares at a weighted average price of $57.68 per share for a total of $403,735,402. Repurchases were made through the facilities of the Toronto Stock Exchange at market price, in accordance with its policies and regulations, and through the facilities of alternative trading systems.
When it renewed its normal course issuer bid program, the Corporation was authorized to repurchase, in the normal course of business, between November 25, 2020, and November 24, 2021, up to 7,000,000 of its Common Shares representing approximately 2.8% of its issued and outstanding shares on November 11, 2020. On November 11, 2020, there were 250,195,026 issued and outstanding shares of which 207,099,132 were part of the outstanding public float of the Corporation. On November 11, 2020, the average daily trading volume of the Corporation’s Common Shares over the last six (6) completed months was 539,248 shares. No other terms of the normal course issuer bid program have changed.
The Corporation’s amended normal course issuer bid program came into effect on October 4 and will continue through November 24, 2021. Repurchases will continue to be made through the facilities of the Toronto Stock Exchange at market price, in accordance with its policies and regulations, or through the facilities of alternative trading systems as well as by other means as may be permitted by a securities regulatory authority, including by private agreements.
