By Adriano Marchese
Cargojet said Tuesday that it intends to launch a share repurchase program to buy back up to 8.72% of its issued and outstanding common shares over the course of a one-year period.
The Canadian air cargo company said that the Toronto Stock Exchange has approved its plans to buy back up to 1.5 million shares by way of a normal course issuer bid.
Cargojet’s stock has been under pressure in 2023, falling about 26% in the year and closing on Monday at 85.94 Canadian dollars a share ($62.73). Over the last 52 weeks, the stock is down about 34%.
At Monday’s closing price, the shares would be worth about C$128.9 million.
The company will begin buying back shares on Nov. 9 and the NCIB will expire a year later on Nov. 8.
Write to Adriano Marchese at [email protected]
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