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Cash Back: AutoCanada to buy back $100M of shares from investors

Edmonton, Alberta — On June 28, AutoCanada announced its intent to purchase up to $100 million in shares from its shareholders via a ‘modified Dutch auction,’ with shares for sale between $22 and $25 per share.

The company advises shareholders to obtain up-to-date quotes for market prices of the shares, prior to tendering an offer.

“The Board of Directors of the Company believes that the Offer is a prudent use of the Company’s financial resources given the Company’s business profile and assets, the current market price of the Shares and the Company’s ongoing cash requirements,” said a press release intended for investors.

Additional details for tendering shares to the offer, requirements for approval by the board of directors,  and other documents will be mailed to shareholders and filed with related security administrators on June 30 at www.sedar.com.

For the full details of AutoCanada’s share trading announcement, click here.

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