Cascades announced that the Toronto Stock Exchange (TSX) accepted its notice of intention to begin a normal course issuer bid in respect of the company’s common shares. According to the announcement, purchases pursuant to the normal course issuer bid will commence on March 17, 2017 and will not continue beyond March 16, 2018 . The common shares purchased shall be cancelled.
The notice will enable Cascades to acquire up to 946,066 common shares which represents approximately 1% of the 94,606,610 issued and outstanding common shares as of March 4, 2017 .
Since March 4, 2016 , Cascades purchased 1,047,243 Common Shares at a volume weighted average price of CAD 8.62. The average daily trading volume of Cascades’ common Shares was 145,265 on the TSX over the last six completed calendar months (the ADTV). Accordingly, Cascades is entitled to purchase up to 25% of the ADTV on any trading day being 36,316 Common Shares.
In 4Q2016 Cascades reported stable sales and OIBD in 4Q2016 y-o-y.
Other wood business-related companies 3Q2016 year reporting schedules are available at the following link.
The company is a North American leader in the recovery, manufacturing and converting of green packaging and tissue paper products. The products are composed mainly of recycled fibres. Cascades employs almost 11,000 people at more than 90 production units in North America and Europe.