- Intertape Polymer Group (ITP) has received approval from the TSX to renew its normal course issuer bid
- The company will be entitled to repurchase for cancellation up to 4,000,000 common shares between July 23, 2021 and July 22, 2022
- Intertape will have the right to repurchase during any one trading day a maximum of 54,474 common shares
- Intertape is renewing its NCIB because it believes that the repurchase of common shares is beneficial to the company and its shareholders
- Intertape Polymer Group Inc manufactures and sells a variety of packaging products
- Intertape Polymer Group Inc. (ITP) opened trading at C$27.09 per share
Intertape Polymer Group (ITP) has received approval from the TSX to renew its normal course issuer bid.
Under the renewed NCIB, the company will be entitled to repurchase for cancellation up to 4,000,000 common shares over a twelve-month period between July 23, 2021 and July 22, 2022. There were 59,060,327 common shares of Intertape issued and outstanding as of July 9, 2021, of which 56,158,128 shares constituted the public float.
During the most recently completed six months, the average daily trading volume for the common shares of the company on the TSX was 217,898 shares. Consequently, Intertape will have the right to repurchase during any one trading day a maximum of 54,474 common shares, representing 25 per cent of the average daily trading volume.
In addition, the company may make, once per calendar week, a block purchase of common shares not directly or indirectly owned by company insiders.
Intertape is renewing its NCIB because it believes that the repurchase of common shares at certain market prices is beneficial to the company and its shareholders. Intertape will make any purchases on an opportunistic basis, taking share price and other considerations into account.
The company’s current NCIB expires on July 22, 2021. Intertape did not repurchase any common shares during the twelve months ended June 30, 2021.
Intertape Polymer Group Inc. is a leader in the development, manufacture and sale of a variety of paper and film-based pressure-sensitive and water-activated tapes, shrink and stretch films, protective packaging, woven and non-woven products and packaging machinery for industrial and retail use.
Intertape Polymer Group Inc. (ITP) opened trading at C$27.09 per share.
