Reading time ( words)
Celestica Inc. intends to file with the Toronto Stock Exchange (TSX) a notice of intention to commence a new normal course issuer bid (NCIB) during the first quarter of 2016.
If this notice is accepted by the TSX, the company expects to repurchase for cancellation, at its discretion during the 12 months following such acceptance, up to 10% of the public float (calculated in accordance with the rules of the TSX) of the company’s issued and outstanding subordinate voting shares. Purchases under the NCIB will be conducted in the open market or as otherwise permitted, subject to the terms and limitations to be applicable to such NCIB.
Celestica believes that the NCIB will be in the best interest of the company and constitutes a desirable use of its funds.