Financial 15 Split (FTN.TO) on Monday said it received exchange approval to launch a normal course issuer bid to buy back up and cancel up to 10% of its preferred shares and class A shares.
The NCIB allows the company to purchase, up to 7.06 million preferred shares and 7.06-million class A shares.
The NCIB will begin on June 3 and run for 12 months.
Under the previous normal course issuer expiring Monday no preferred shares were purchased and 1.59-million class A share purchases were made, stated the company.
The company's shares were last seen down $0.08 to $10.57 on the Toronto Stock Exchange.
Price: $10.57, Change: $-0.08, Percent Change: -0.75%