While its peers elect to dilute their equity via massive at-the-market financings, Village Farms (TSX: VFF) (NASDAQ: VFF) has chosen to go a slightly different route. The company this morning announced that it has begun a share buyback program, also known as a normal course issuer bid.
The company this morning announced that the Toronto Stock Exchange has approved its request to begin repurchasing some of its shares on the open market. The arrangement will see Village Farms repurchase up to 5% of its currently outstanding common shares, or roughly 4.1 million shares.
The program as being conducted as a means of “prudently deploying some of [their] available capital,” as per the firms CEO.
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The company had 81.2 million common shares outstanding prior to the commencement of the program. Based on daily trading volumes, the program will be limited to daily purchases of not more than 233,243 common shares.
The program is slated to begin May 26, and will be terminated as of May 25, 2022.
Village Farms last traded at $10.05 on the TSX.
Information for this briefing was found via Sedar and Village Farms International. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
