EcoSynthetix Announces Normal Course Issuer Bid
EcoSynthetix (ECO.TO) said Tuesday it plans to launch a normal course issuer bid (NCIB) to repurchase up to 4.09-million shares in the 12 months beginning May 15.The buyback represents about 10% of the company's public float as of May 1.The renewable chemicals company said it had 58.44-million shares outstanding as of May 1, while the public float stood at 40.94 million shares.EcoSynthetix said purchases under the NCIB will be made through the Toronto Stock Exchange and other Canadian trading systems at prevailing market prices, and the bid was approved by its board as management believes share purchases could enhance shareholder value.In its prior NCIB, which expired on May 1, the company bought back and canceled 542,963 of an allowed 4.1-million shares.Shares of the company closed down $0.04 at $3.10 on the Toronto Stock Exchange.
