CA - Tricon Residential gets TSX approval to buy back up to 2.5M shares
- Canadian rental housing company Tricon Residential ( NYSE: TCN ) has gained approval from the Toronto Stock Exchange ("TSX") on Thursday to repurchase up to 2.5M shares of its common stock from time to time.
- The buyback plan, which represents up to 0.94% of the company's public float, is set to start on October 18, 2022 and end on October 17, 2023, it said. Tricon ( TCN ) can acquire shares on the TSX, New York Stock Exchange or alternative Canadian exchanges.
- There were around 273.8M of the company's common shares issued and outstanding as of October 7.
- “Our primary capital allocation priorities of debt repayment and positioning our balance sheet for future growth remain unchanged,” said Tricon President and CEO Gary Berman, “but we believe that buying back some of our shares is a worthwhile use of cash in the current share price environment.”
- The repurchase program comes at a time when TCN stock dropped 44.2% year-to-date to the lowest level since November 2020.
- Earlier this week, (Oct. 12) Tricon Residential to sell 20% equity interest in Sun Belt apartment portfolio .
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Tricon Residential gets TSX approval to buy back up to 2.5M shares