Canada Goose Holdings Inc. announced that, in connection with its previously announced normal course issuer bid (NCIB) to purchase up to 5.94 million of its subordinate voting shares, it recently entered into an automatic share purchase plan (ASPP) with the designated broker responsible for the NCIB.
As reported on August 18, the share repurchases represent approximately 10 percent of Canada Goose’s 59.4 million common sales.
The ASPP is intended to allow for the purchase of shares under the NCIB at times when Canada Goose would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods.
Pursuant to the ASPP, before entering into a blackout period, the company may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with certain purchasing parameters. Such purchases will be made by the designated broker based on such purchasing parameters, without further instructions by Canada Goose, in compliance with the rules of the Toronto Stock Exchange (“TSX”), applicable securities laws and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be implemented as of today.
Outside of pre-determined blackout periods, shares may be purchased under the NCIB based on management’s discretion, in compliance with TSX rules and applicable securities laws. The NCIB commenced on August 20, 2021 and will end no later than August 19, 2022. All purchases made under the ASPP will be included in computing the number of shares purchased under the NCIB. As of the date hereof, the company has purchased 2,815,348 shares under the NCIB.
Photo courtesy Canada Goose