WASTE CONNECTIONS RENEWS NORMAL COURSE ISSUER BID FOR SHARE REPURCHASES
- Waste Connections has received approval for the renewal of its NCIB, indicating a commitment to returning capital to shareholders.
- The company's decision to base share repurchases on market conditions and potential acquisition growth opportunities demonstrates a strategic approach to capital allocation.
- The lack of information on the impact of the NCIB on the company's financials and stock performance is a potential negative.
- The absence of common share purchases under the current NCIB may raise questions about the effectiveness of the program.
Pursuant to the renewed NCIB, Waste Connections proposes to purchase through the facilities of the TSX, the New York Stock Exchange (the "NYSE") and/or alternative Canadian trading systems, from time to time over the next 12 months, if considered advisable, up to 12,881,534 common shares, being
In accordance with TSX rules, any daily repurchases would be limited to a maximum of 63,103 common shares, which represents
Waste Connections is authorized to make purchases during the period of August 10, 2023, to August 9, 2024, or until such earlier time as the NCIB is completed or terminated at the option of the Company. Any common shares Waste Connections purchases under the NCIB will be purchased on the open market through the facilities of the TSX, the NYSE and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction.
Management's decisions regarding any share repurchases will be based on market conditions, share price and other factors, including potential acquisition growth opportunities. The NCIB has been renewed because Waste Connections believes that the repurchase of common shares is consistent with its objective to return capital to shareholders over time. All common shares purchased through the NCIB will be returned to treasury for cancellation.
Under the current NCIB that commenced on August 10, 2022, and that will expire on August 9, 2023, the Company sought and obtained approval from the TSX to purchase up to 12,859,066 common shares for cancellation. Since the commencement of the current NCIB, the Company has not purchased any common shares through the facilities of the TSX, NYSE and/or alternative Canadian trading systems.
About Waste Connections
Waste Connections is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves more than eight million residential, commercial and industrial customers in mostly exclusive and secondary markets across 44 states in the
Safe Harbor and Forward-Looking Statements
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Mary Anne Whitney / (832) 442-2253 | Joe Box / (832) 442-2153 | |
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SOURCE Waste Connections, Inc.
FAQ
What is Waste Connections, Inc. proposing to purchase through the renewed NCIB?
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