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This is when you want companies to buy back their stock: Industry hated, operations improving, multi-year lows.
VANCOUVER , Oct. 29, 2018 /CNW/ – GOLDCORP INC. (TSX:G, NYSE:GG) (“Goldcorp”) announces that that it has received approval from the Toronto Stock Exchange (“TSX”) of its Notice of Intention to Make a Normal Course Issuer Bid (the “NCIB”). Under the NICB, Goldcorp may purchase for cancellation up to 43,476,502 Common Shares (representing 5% of its 869,530,053 issued and outstanding Common Shares as of October 26, 2018 ) over a twelve month period commencing on October 31, 2018 . The NCIB will expire no later than October 30, 2019 .
All purchases made pursuant to the NCIB will be made through the facilities of the TSX, the New York Stock Exchange, or other Canadian or United States market places. The NCIB will be made in accordance with the applicable rules and policies of the TSX and the NYSE, and applicable Canadian and U.S. securities laws. Under the NCIB, Common Shares may be repurchased in open market transactions on the TSX, the NYSE, and/or other Canadian or United States exchanges, or by such other means as may be permitted by the TSX and/or the NYSE and applicable Canadian and U.S. securities laws. The price that Goldcorp will pay for Common Shares in open market transactions will be the market price at the time of purchase.
In accordance with TSX rules, any daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB are limited to a maximum of 503,033 Common Shares, which represents 25% of the average daily trading volume on the TSX for the six months ended September 30, 2018 . Daily purchases (other than pursuant to a block purchase exception) on the NYSE under the NCIB are limited to 25% of the average daily trading volume for the preceding four weeks. Any Common Shares that are purchased under the NCIB will be cancelled.
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