Sagicor Financial Corporation (SFC:CA) has announced its decision to renew its normal course issuer bid, with intentions to repurchase up to 10% of the public float over a 1-year period beginning June 24.
Renewal of Purchase Plan
Sagicor, which currently has 141.15 million issued and outstanding shares as of June 12, has also extended the duration of its automatic share purchase plan. As per the terms of the bid, the company's daily purchases are limited to a maximum of 1,462 shares, and any shares acquired will subsequently be cancelled.
Previous Repurchase Activity
As of June 12, Sagicor had already bought back 2.4 million shares under its previous normal course issuer bid. These shares were bought at a weighted average purchase price of $5.40 per share, amounting to a total cash consideration of $12.83 million.
In conclusion, with the renewal of its normal course issuer bid, Sagicor Financial Corporation is geared up to actively engage in share repurchases to enhance shareholder value and reinforce its market position.