TAC - TransAlta Renews Normal Course Issuer Bid | Benzinga
CALGARY, Alberta, May 27, 2024 (GLOBE NEWSWIRE) -- TransAlta Corporation ("TransAlta" or the "Company") (TSX:TA) (NYSE:TAC) announced today that the Toronto Stock Exchange ("TSX") has accepted the notice filed by the Company to implement a normal course issuer bid ("NCIB") for a portion of its common shares ("Common Shares").
Pursuant to the NCIB, TransAlta may repurchase up to a maximum of 14,000,000 Common Shares, representing approximately 4.6% of the 303,256,652 Common Shares issued and outstanding as at May 27, 2024. Purchases under the NCIB may be made through open market transactions on the TSX and any alternative Canadian trading systems on which the Common Shares are traded, based on the prevailing market price. Any Common Shares purchased under the NCIB will be cancelled.
Transactions under the NCIB will depend on future market conditions. TransAlta will initially retain discretion whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable TSX and other regulatory requirements. The period during which TransAlta is authorized to make purchases under the NCIB commences on May 31, 2024, and ends on May 30, 2025, or such earlier date on which the maximum number of Common Shares are purchased under the NCIB or the NCIB is terminated at the Company's election.
Under TSX rules, not more than 211,262 Common Shares (being 25% of the average daily trading volume on the TSX of 845,049 Common Shares for the six months ended April 30, 2024) can be purchased on the TSX on any single trading day under the NCIB, with the exception ...