- Stingray Group (RAY.A) has received approval to renew its normal course issuer bid
- Between September 27, 2021, and September 26, 2022, Stingray will repurchase up to 3,222,901 subordinate voting shares and variable subordinate voting shares
- Stingray believes that the NCIB will benefit shareholders by increasing their equity interest in the company’s assets
- Stingray has repurchased a total of 2,508,180 subordinate shares during its current NCIB
- Stingray Group Inc. is a leading global music, media and technology company
- Stingray Group Inc. (RAY.A) opened trading at C$7.11 per share
Stingray Group (RAY.A) has received approval to renew its normal course issuer bid.
Stingray will repurchase up to 3,222,901 subordinate voting shares and variable subordinate voting shares, representing approximately 10 per cent of the public float of subordinate shares as of September 13, 2021.
In accordance with TSX requirements, Stingray is entitled to purchase a maximum of 12,130 subordinate shares per trading day.
Stingray believes that the NCIB will benefit shareholders by increasing their equity interest in the company’s assets.
Stingray may repurchase subordinate shares on the open market between September 27, 2021, and September 26, 2022.
All shares repurchased under the NCIB will be cancelled upon their repurchase.
Stingray has established an automatic securities purchase plan with a designated broker. Under the automatic securities purchase plan, Stingray may ask the designated broker to make purchases under the NCIB. The automatic securities purchase plan constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.
As of September 13, 2021, Stingray has repurchased a total of 2,508,180 subordinate shares over the course of its last NCIB (which will expire on September 24, 2021) at a weighted average price of $6.9355 per share. As of the close of business on September 13, 2021, there was an aggregate of 53,259,202 subordinate shares issued and outstanding.
Stingray Group Inc. is a leading global music, media and technology company.
Stingray Group Inc. (RAY.A) opened trading at C$7.11 per share.
