TOKYO (dpa-AFX) - DATA Communications Management Corp. (DCM.TO) has received approval from the Toronto Stock Exchange to initiate a normal course issuer bid - NCIB, allowing the company to repurchase up to 4,220,210 of its common shares, approximately 10 percent of its public float, over 12 months starting June 12, 2025, and ending no later than June 11, 2026.
The average daily trading volume for the six months ending May 31, 2025, was 47,421 shares, capping daily repurchases at 11,855 shares unless exempted as block purchases. Purchases will be conducted via the TSX and other Canadian trading platforms, following regulatory rules. DCM has appointed Clarus Securities Inc. to manage the transactions. Shares repurchased will be canceled.
As of May 31, 2025, the company had 55,308,951 shares outstanding. DCM plans to implement an automatic share purchase plan, enabling its broker to buy shares based on pre-defined criteria. The company views the repurchase as a strategic use of funds to enhance shareholder value and may also consider additional purchases in accordance with applicable laws.
Tuesday DCM.TO closed at C$2.04 or 18.6046% higher on the Toronto Stock Exchange.
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