Canadian Tire To Renew NCIB To Repurchase 4.9 Mln Shares By March 2026

(RTTNews) - Canadian Tire Corp, Ltd. (CTC-A.TO), a retail company, Friday announced that the Toronto Stock Exchange has approved its plan to renew Normal Course Issuer Bid or NCIB for Class A Non-Voting Shares.

With this approval, the company can buy back up to 4.9 million shares between March 11 and March 10, 2026, representing about 9.8% of the 49.86 million publicly traded shares out of a total of 52.2 million outstanding shares as of February 26.

Under TSX rules, the company had an average daily trading volume of 260,745 shares on the TSX in the six months ending February 28, excluding its repurchases.

As a result, daily share buybacks under the NCIB will be limited to 65,186 shares, except for block purchases. Repurchased shares will be reclassified as authorized but unissued shares.

Under its 2024-25 NCIB, which ran from March 2, 2024, to March 1, 2025, the company was authorized to repurchase up to 4.9 million shares. By February 26, it had bought back 204,758 shares through open market transactions at an average price of $145.34 per share.

The company will set up an automatic securities purchase plan with a broker to buy shares under the 2025-26 NCIB. Approved by the TSX, the ASPP will start around March 11 and will end when the buyback limit is reached, the NCIB expires, or the company stops the plan.

Thursday, Canadian Tire had closed 0.05% higher at $101.07 on the OTC Market.