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Cineplex Gets TSX Approval to Renew Normal Course Issuer Bid

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Cineplex's (CGX.TO) notice of intention to renew its normal course issuer bid was approved by the Toronto Stock Exchange, the company said Monday.

The NCIB will allow the company to purchase for cancellation up to around 6.2 million common shares, equal to 10% of its public float of around 62.5 million shares issued and outstanding as of Aug. 14, the company said.

The buyback will begin on or about Aug. 26, it added.

Under its prior NCIB that will terminate on Aug. 25, Cineplex has purchased around 1.1 million shares to date, through the facilities of the Toronto Stock Exchange and through alternative Canadian trading systems at a weighted-average price of C$10.9080 per share, said Cineplex.

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