During the second quarter of 2018, the Company repurchased 7,170,880 common shares at a total cost of approximately $209 million, pursuant to its NCIB
. The Company ended the second quarter of 2018 with net debt 1 of $858.6 million and a net debt leverage ratio1 of 1.5 times net debt to trailing twelve months adjusted EBITDA.
On July 17, 2018 , the Company began a normal course issuer bid ('NCIB
') to repurchase for cancellation up to 24,587,978 common shares.
As announced previously, Eldorado did not purchase any Shares under its prior NCIB
covering the period starting June 13, 2016 and ending June 12, 2017.
Daily purchases under the NCIB
will be limited to 25% of the ADTV, which is 4,314 common shares, other than block purchase exceptions.
Under this NCIB
, common shares may be repurchased in open market transactions on the TSX and/or other Canadian exchanges, or by such other means as may be permitted by the TSX and applicable Canadian securities laws.
Taiga believes that the NCIB
is in the best interests of the Company and its shareholders and that the NCIB
represents a desirable use of corporate funds.
Purchases under the NCIB
will be made through the facilities of the TSX, the New York Stock Exchange (the 'NYSE') and/or alternative Canadian or foreign trading systems, if eligible, or by such other means as may be permitted by applicable securities laws, including private agreements.
Pursuant to the terms of the Agreement and the Order, all purchases made by the third party or its agents on the TSX and other Canadian markets pursuant to the Program will be made in accordance with the TSX rules applicable to the NCIB
, subject to limited exceptions as provided in the Order.
Slate Retail REIT (TSX:SRT.U) (TSX:SRT.UN) on Saturday disclosed that under its normal course issuer bid (NCIB
) that began on 26 May 2018, it signed an automatic securities repurchase plan with its designated broker to facilitate purchases of its class U units.
M2 EQUITYBITES-October 8, 2018-Slate Retail REIT signs automatic securities repurchase plan under its NCIB
Under the NCIB
, CGI is authorized to repurchase up to 20,595,539 Class A Shares by February 5, 2019.
The Program will form part of RBCs Normal Course Issuer Bid for up to 30,000,000 common shares (the NCIB
) announced on March 9, 2017.