Polaris Renewable Energy Announces Renewal of Normal Course Issuer Bid

Toronto-based Polaris Renewable Energy Inc. (TSX:PIF) has announced that the Toronto Stock Exchange (TSX) has accepted its notice to renew its normal course issuer bid (NCIB). The company's Board of Directors believes this renewal will provide flexibility to manage capital and increase shareholder value. As of June 30, Polaris had $45.2 million in unrestricted consolidated cash.

Under the renewed NCIB, Polaris may purchase up to 2,045,613 common shares, approximately 10% of its public float. The board has approved the repurchase of up to 194,595 shares, about 0.95% of the public float, during the twelve-month period starting August 23, 2024.

The average daily trading volume of Polaris shares over the past six months was 51,461. Following TSX rules, the company can purchase a maximum of 12,865 shares daily. All shares purchased under the NCIB will be canceled.

During the current NCIB, which ends August 22, 2024, Polaris repurchased 25,400 shares at an average price of $13.05 per share. Future purchases under the renewed NCIB will be made based on market conditions and at prevailing market prices.